0001808834-22-000016 | 10-K | XBRL Viewer

Print Document View Excel Document

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS:
Cash and Cash Equivalents	$ 170,159	$ 36,645
Accounts Receivable (net of allowances of $71,233 in 2021 and $56,364 in 2020)	66,270	61,254
Lease Merchandise (net of accumulated depreciation and allowances of $463,929 in 2021 and $409,307 in 2020)	714,055	610,263
Loans Receivable (net of allowances and unamortized fees of $53,300 in 2021 and $52,274 in 2020)	119,315	79,148
Property, Plant and Equipment, Net	25,648	26,705
Operating Lease Right-of-Use Assets	17,488	20,613
Goodwill	17,400	288,801
Other Intangibles, Net	137,305	154,421
Income Tax Receivable	14,352	0
Deferred Income Tax Assets	2,760	0
Prepaid Expenses and Other Assets	48,197	39,554
Total Assets	1,621,761	1,317,404
LIABILITIES & SHAREHOLDERS’ EQUITY:
Accounts Payable and Accrued Expenses	135,954	78,249
Deferred Income Tax Liability	146,265	126,938
Customer Deposits and Advance Payments	45,070	46,565
Operating Lease Liabilities	25,410	29,516
Debt	589,654	50,000
Total Liabilities	942,353	331,268
Commitments and Contingencies
Shareholders’ Equity:
Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at December 31, 2021 and 2020; Shares Issued: 82,078,654 at December 31, 2021 and 90,752,123 at December 31, 2020	41,039	45,376
Additional Paid-in Capital	332,244	318,263
Retained Earnings	1,055,526	1,236,378
Total Stockholders' Equity before Treasury Stock	1,428,809	1,600,017
Less: Treasury Shares at Cost
Common Stock: 25,638,057 Shares at December 31, 2021 and 23,029,434 at December 31, 2020	(749,401)	(613,881)
Total Shareholders’ Equity	679,408	986,136
Total Liabilities & Shareholders’ Equity	$ 1,621,761	$ 1,317,404

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 71,233	$ 56,364
Lease merchandise, accumulated depreciation	463,929	409,307
Loans receivable, allowances	$ 53,300	$ 52,274
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	82,078,654	90,752,123
Treasury stock, shares shares (in shares)	25,638,057	23,029,434

Consolidated Statements of Earnings (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Revenues	$ 2,677,920	$ 2,484,595	$ 2,163,179
COSTS AND EXPENSES:
Depreciation of Lease Merchandise	1,820,010	1,690,922	1,445,027
Provision for Lease Merchandise Write-offs	126,984	131,332	153,516
Operating Expenses	397,399	373,460	357,762
Legal and Regulatory (Income) Expense, Net of Insurance Recoveries	0	(835)	179,261
Separation Related Charges	0	17,953	0
Costs and Expenses	2,344,393	2,212,832	2,135,566
OPERATING PROFIT	333,527	271,763	27,613
Interest Expense	(5,323)	(187)	0
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE	328,204	271,576	27,613
INCOME TAX EXPENSE	84,647	37,949	52,228
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS	243,557	233,627	(24,615)
(LOSS) EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX	0	(295,092)	56,087
NET EARNINGS (LOSS)	$ 243,557	$ (61,465)	$ 31,472
BASIC EARNINGS (LOSS) PER SHARE:
Continuing Operations (in dollars per share)	$ 3.69	$ 3.47	$ (0.37)
Discontinued Operations (in dollars per share)	0	(4.39)	0.83
TOTAL BASIC EARNINGS (LOSS) PER SHARE (in dollars per share)	3.69	(0.91)	0.47
DILUTED EARNINGS (LOSS) PER SHARE:
Continuing Operations (in dollars per share)	3.67	3.43	(0.37)
Discontinued Operations (in dollars per share)	0	(4.34)	0.83
TOTAL DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share)	$ 3.67	$ (0.90)	$ 0.47
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic ( in shares)	66,026	67,261	67,322
Assuming Dilution (in shares)	66,416	68,022	67,322
Lease Revenues and Fees
REVENUES:
Revenues	$ 2,619,005	$ 2,443,405	$ 2,128,133
Interest and Fees on Loans Receivable
REVENUES:
Revenues	$ 58,915	$ 41,190	$ 35,046

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Earnings (Loss)	$ 243,557	$ (61,465)	$ 31,472
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustment	0	(959)	1,068
Total Other Comprehensive (Loss) Income	0	(959)	1,068
Comprehensive Income (Loss)	$ 243,557	$ (62,424)	$ 32,540

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive (Loss) Income
Beginning Balance (in shares) at Dec. 31, 2018			(23,568)	90,752
Beginning Balance at Dec. 31, 2018	$ 1,760,708	$ 2,592	$ (567,847)	$ 45,376	$ 278,922	$ 2,005,344	$ 2,592	$ (1,087)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividends	(9,795)					(9,795)
Stock-Based Compensation	25,758				25,758
Reissued Shares (in shares)			690
Reissued Shares	(5,289)		$ 9,162		(14,451)
Repurchased Shares (in shares)			(1,156)
Repurchased Shares	(69,255)		$ (69,255)
Net Earnings (Loss)	31,472					31,472
Foreign Currency Translation Adjustment	1,068							1,068
Ending Balance (in shares) at Dec. 31, 2019			(24,034)	90,752
Ending Balance at Dec. 31, 2019	$ 1,737,259	$ (6,715)	$ (627,940)	$ 45,376	290,229	2,029,613	$ (6,715)	(19)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Cash Dividends	$ (11,194)					(11,194)
Stock-Based Compensation	41,465				41,465
Distribution to The Aaron's Company	(712,883)					(713,861)		978
Reissued Shares (in shares)			1,005
Reissued Shares	628		$ 14,059		(13,431)
Net Earnings (Loss)	(61,465)					(61,465)
Foreign Currency Translation Adjustment	(959)							(959)
Ending Balance (in shares) at Dec. 31, 2020			(23,029)	90,752
Ending Balance at Dec. 31, 2020	$ 986,136		$ (613,881)	$ 45,376	318,263	1,236,378		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Stock-Based Compensation	$ 21,349				21,349
Reissued Shares (in shares)			329
Reissued Shares	(530)		$ 6,838		(7,368)
Repurchased Shares (in shares)			(2,938)
Repurchased Shares	(142,358)		$ (142,358)
Tender Offer Shares Repurchased and Retired (in shares)				(8,673)
Tender Offer Shares Repurchased and Retired	(428,746)			$ (4,337)		(424,409)
Net Earnings (Loss)	243,557					243,557
Foreign Currency Translation Adjustment	0
Ending Balance (in shares) at Dec. 31, 2021			(25,638)	82,079
Ending Balance at Dec. 31, 2021	$ 679,408		$ (749,401)	$ 41,039	$ 332,244	$ 1,055,526		$ 0

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends, per share (in dollars per share)	$ 0.165	$ 0.145

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES:
Net Earnings (Loss)	$ 243,557	$ (61,465)	$ 31,472
Adjustments to Reconcile Net Earnings (Loss) to Cash Provided by Operating Activities:
Depreciation of Lease Merchandise	1,820,010	2,163,443	1,972,358
Other Depreciation and Amortization	33,258	93,814	105,061
Provision for Accounts Receivable and Loan Losses	242,412	288,206	344,630
Stock-Based Compensation	21,349	41,218	26,548
Deferred Income Taxes	15,729	(141,407)	49,967
Impairment of Goodwill and Other Assets	0	470,681	30,344
Non-Cash Lease Expense	974	92,277	114,934
Other Changes, Net	(7,561)	9,172	(9,886)
Changes in Operating Assets and Liabilities, Net of Effects of Acquisitions and Dispositions:
Additions to Lease Merchandise	(2,054,467)	(2,351,064)	(2,484,755)
Book Value of Lease Merchandise Sold or Disposed	130,665	317,763	401,960
Accounts Receivable	(229,703)	(250,159)	(331,636)
Prepaid Expenses and Other Assets	(7,879)	7,753	(25,860)
Income Tax Receivable and Payable	(29,753)	17,066	10,458
Operating Lease Right-of-Use Assets and Liabilities	(1,955)	(109,356)	(124,384)
Accounts Payable and Accrued Expenses	70,820	39,660	20,183
Accrued Regulatory Expense	0	(175,000)	175,000
Customer Deposits and Advance Payments	(1,495)	3,362	10,791
Cash Provided by Operating Activities	245,961	455,964	317,185
INVESTING ACTIVITIES:
Investments in Loans Receivable	(182,204)	(112,596)	(70,313)
Proceeds from Loans Receivable	132,281	69,358	53,170
Proceeds from Investments	0	0	1,212
Outflows on Purchases of Property, Plant & Equipment	(9,555)	(64,345)	(92,963)
Proceeds from Property, Plant, and Equipment	78	7,482	14,090
Outflows on Acquisitions of Businesses and Customer Agreements, Net of Cash Acquired	(22,766)	(14,793)	(14,285)
Proceeds from Dispositions of Businesses and Customer Agreements, Net of Cash Disposed	0	359	2,813
Cash Used in Investing Activities	(82,166)	(114,535)	(106,276)
FINANCING ACTIVITIES:
(Repayments) Borrowings on Revolving Facility, Net	(50,000)	50,000	(16,000)
Proceeds from Debt	591,750	5,625	0
Repayments on Debt	0	(347,646)	(68,531)
Acquisition of Treasury Stock	(142,358)	0	(69,255)
Tender Offer Stock Repurchased and Retired	(428,551)	0	0
Dividends Paid	0	(13,778)	(9,437)
Issuance of Stock Under Stock Option Plans	4,592	12,362	7,749
Shares Withheld for Tax Payments	(5,123)	(11,734)	(13,038)
Debt Issuance Costs	(591)	(3,233)	(40)
Transfer of Cash to The Aaron's Company	0	(54,150)	0
Cash Used in Financing Activities	(30,281)	(362,554)	(168,552)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0	15	120
Increase (Decrease) in Cash and Cash Equivalents	133,514	(21,110)	42,477
Cash and Cash Equivalents at Beginning of Year	36,645	57,755	15,278
Cash and Cash Equivalents at End of Year	170,159	36,645	57,755
Net Cash Paid (Received) During the Year:
Interest Expense	1,452	10,447	16,460
Income Taxes	$ 53,602	$ 29,000	$ (726)

Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Business and Summary of Significant Accounting Policies

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As described elsewhere in this Annual Report on Form 10-K, the Coronavirus Disease ("COVID-19") pandemic has led to significant market disruption and has impacted many aspects of our operations, directly and indirectly. Throughout these notes to the consolidated financial statements, the impacts of the COVID-19 pandemic on the financial results for the years ended December 31, 2021 and 2020 have been identified under the respective sections. For a discussion of significant estimates made by management regarding allowances for lease merchandise, accounts receivable, and loans receivable, as well as operational measures taken as a result of the COVID-19 pandemic, see Part II, Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations," including the "COVID-19 Pandemic," "Results of Operations," "Liquidity and Capital Resources," and Part 1, Item 1A "Risk Factors."

Description of Business

PROG Holdings, Inc. ("we," "our," "us," the "Company," or "PROG Holdings") is a financial technology holding company that provides leading financial solutions to empower consumers and retailers. PROG Holdings has two reportable segments: (i) Progressive Leasing, an e-commerce, app-based, and in-store point-of-sale lease-to-own solutions provider; and (ii) Vive Financial ("Vive"), an omnichannel provider of second-look revolving credit products.

Our Progressive Leasing segment provides consumers with lease-purchase solutions through its point-of-sale partner locations and e-commerce websites partners in the United States (collectively, "POS partners"). It does so by purchasing merchandise from the POS partners desired by customers and, in turn, leasing that merchandise to the customers through a cancellable lease-to-own transaction. Progressive Leasing has no stores of its own, but rather offers lease-purchase solutions to the customers of traditional and e-commerce retailers.

Our Vive segment primarily serves customers that may not qualify for traditional prime lending offers who desire to purchase goods and services from participating merchants. Vive offers customized programs, with services that include revolving loans through private label and Vive-branded credit cards. Vive's current network of POS partner locations and e-commerce websites includes furniture, mattresses, home exercise equipment, and home improvement retailers, as well as medical and dental service providers.

On June 25, 2021, the Company completed the acquisition of Four Technologies, Inc. ("Four"), an innovative Buy Now, Pay Later company that allows shoppers to pay for merchandise through four interest-free installments. Four’s proprietary platform capabilities and its base of customers and retailers expand PROG Holdings’ ecosystem of financial technology offerings by introducing a payment solution that further diversifies the Company's consumer financial technology offerings. Shoppers use Four to purchase furniture, clothing, electronics, health and beauty products, footwear, jewelry, and other consumer goods from retailers across the United States. Four is not a reportable segment for the year ended December 31, 2021 as its revenues, loss before income taxes, and assets are not material to the Company's consolidated financial results. See Note 3 for further discussion on the acquisition.

On November 30, 2020, PROG Holdings, Inc. (previously Aaron's Holdings Company, Inc.) completed the separation of its Aaron's Business segment from its Progressive Leasing and Vive segments. The separation was effected through a tax-free distribution of all outstanding shares of common stock of The Aaron's Company, Inc. ("The Aaron's Company") to the PROG Holdings shareholders of record as of the close of business on November 27, 2020 (referred to as the "separation and distribution transaction"). All direct revenues and expenses of the Aaron's Business are presented as discontinued operations for all periods through the separation and distribution date of November 30, 2020. The cash flows related to the Aaron's Business have not been segregated and are included in the consolidated statements of cash flows for the years ended December 31, 2020 and 2019. With the exception of Note 2, the notes to the consolidated financial statements reflect the continuing operations of PROG Holdings. See Note 2 below for additional information regarding discontinued operations.

Basis of Presentation

The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management does not believe these estimates or assumptions will change significantly in the future absent unidentified and unforeseen events, such as the direct or indirect impacts associated with the COVID-19 pandemic.

Principles of Consolidation

The consolidated financial statements include the accounts of PROG Holdings, Inc. and its subsidiaries, each of which is wholly-owned. Intercompany balances and transactions between consolidated entities have been eliminated.

Revenue Recognition

Lease Revenues and Fees

Progressive Leasing provides merchandise, consisting primarily of furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, automobile electronics and accessories, and a variety of other products, to its customers for lease under terms agreed to by the customer. Progressive Leasing offers customers of traditional and e-commerce retailers a lease-purchase solution through leases with payment terms that can generally be renewed up to 12 months. Progressive Leasing does not require deposits upon inception of customer agreements. The customer has the right to acquire ownership either through early buyout options or through payment of all required lease payments. The agreements are cancellable at any time by either party without penalty.

All of Progressive Leasing's customer agreements are considered operating leases. The Company maintains ownership of the lease merchandise until all payment obligations are satisfied under the lease ownership agreements. Initial lease payments made by the customer upon lease execution are recognized as deferred revenue and are amortized as lease revenue over the estimated lease term on a straight-line basis. All other customer lease billings are earned prior to the lease payment due date and are recorded net of related sales taxes as earned. Payment due date terms include weekly, bi-weekly, semi-monthly and monthly frequencies. Initial lease payments and other cash collected in advance of being due or earned are recognized as deferred revenue within customer deposits and advance payments in the accompanying consolidated balance sheets. Revenue recorded prior to the payment due date results in unbilled receivables recognized in accounts receivable, net of allowances in the accompanying consolidated balance sheets. Lease revenues are recorded net of a provision for uncollectible renewal payments.

Initial direct costs related to lease purchase agreements are capitalized as incurred and amortized as operating expense over the estimated lease term. The capitalized costs have been classified within prepaid expenses and other assets in the accompanying consolidated balance sheets.

Interest and Fees on Loans Receivable

Interest and fees on loans receivable is primarily generated from our Vive segment. Vive extends or declines credit to an applicant through its bank partners based upon the applicant’s credit rating and other factors. Qualifying applicants receive a credit card to finance their initial purchase and to use in subsequent purchases at the merchant or other participating merchants for an initial 24-month period, which Vive may renew if the cardholder remains in good standing.

Vive acquires the loan receivable from its third-party bank partners at a discount from the face value of the loan. The discount is comprised of a merchant fee discount and a promotional fee discount, if applicable.

The merchant fee discount represents a pre-negotiated, nonrefundable discount that generally ranges from 3% to 25% of the loan face value. The discount is designed to cover the risk of loss related to the portfolio of cardholder charges and Vive’s direct origination costs. The merchant fee discount and origination costs are presented net on the consolidated balance sheets in loans receivable. Cardholders generally have an initial 24-month period that the card is active. The merchant fee discount, net of the origination costs, is amortized on a net basis and is recorded as interest and fee revenue on loans receivable in the consolidated statements of earnings on a straight-line basis over the initial 24-month period.

The discount from the face value of the loan on the acquisition of the loan receivable from the merchant through the third-party bank partners may also include a promotional fee discount, which generally ranges from 1% to 8%. The promotional fee discount is intended to compensate the holder of the loan receivable (i.e., Vive) for deferred or reduced interest rates that are offered to the cardholder for a specified period on the outstanding loan balance (generally for six, 12 or 18 months). The promotional fee discount is amortized as interest and fee revenue on loans receivable in the consolidated statements of earnings on a straight-line basis over the promotional interest period (i.e., over six, 12 or 18 months, depending on the promotion). The unamortized promotional fee discount is presented net on the consolidated balance sheets in loans receivable.

The customer is typically required to make monthly minimum payments of at least 3.5% of the outstanding loan balance, which includes outstanding interest. Fixed and variable interest rates, typically 27% to 35.99%, are compounded daily for cards that do not qualify for deferred or reduced interest promotional periods. Interest income, which is recognized based upon the amount of the loans outstanding, is recognized as interest and fees on loans receivable when earned if collectibility is reasonably assured. For credit cards that provide deferred interest, if the balance is not paid off during the promotional period or if the cardholder defaults, interest is billed to the customers at standard rates and the cumulative amount owed is charged to the cardholder account in the month that the promotional period expires. For credit cards that provide reduced interest, if the balance is not paid off during the promotional period, interest is billed to the cardholder at standard rates in the month that the promotional period expires or when the cardholder defaults. The Company recognizes interest revenue during the promotional period based on its historical experience related to cardholders that fail to pay off balances during the promotional period if collectibility is reasonably assured.

Annual fees are charged to cardholders at the commencement of the loan and on each subsequent anniversary date. Annual fees are deferred and recognized into revenue on a straight-line basis over a one-year period. Under the provisions of the credit card agreements, Vive also may assess fees for missed or late payments, which are recognized as revenue in the billing period in which they are assessed if collectibility is reasonably assured. Annual fees and other fees are recognized as interest and fee revenue on loans receivable in the consolidated statements of earnings.

Lease Merchandise

Progressive Leasing's merchandise consists primarily of furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, automobile electronics and accessories, and a variety of other products, and is recorded at the lower of depreciated cost or net realizable value. Progressive Leasing depreciates lease merchandise to a 0% salvage value generally over 12 months. Depreciation is accelerated upon early buyout. All of Progressive Leasing's merchandise, net of accumulated depreciation and allowances, represents on-lease merchandise.

The Company records a provision for write-offs using the allowance method. The allowance method for lease merchandise write-offs estimates the merchandise losses incurred but not yet identified by management as of the end of the accounting period based on historical write-off experience. Other qualitative factors, such as current and forecasted customer payment trends, are considered in estimating the allowance. We believe government stimulus measures in 2020 and the first half of 2021 contributed to the favorable payment trends we experienced following those measures. Given the significant uncertainty regarding the impacts of increasing inflation and the COVID-19 pandemic on our business, a high level of estimation was involved in determining the allowance as of December 31, 2021. Actual lease merchandise write-offs may differ materially from the allowance as of December 31, 2021. If the recent increase in inflation continues in future periods, such a development may adversely impact our customers' ability to continue to make payments to us. For customer lease agreements that are past due, the Company's policy is to write-off lease merchandise after 120 days.

The following table shows the components of the allowance for lease merchandise write-offs, which is included within lease merchandise, net in the consolidated balance sheets:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Beginning Balance	$	45,992	$	47,362	$	35,784
Net Book Value of Merchandise Written off	(128,031)		(142,830)		(156,889)
Recoveries	9,422		10,128		14,951
Provision for Write-offs	126,984		131,332		153,516
Ending Balance	$	54,367	$	45,992	$	47,362

Vendor Incentives and Rebates Provided to POS Partners

Progressive Leasing has agreements with some of its POS partners that require additional consideration to be paid to the POS partner, including payments for exclusivity, rebates based on lease volume originations generated through the POS partners, and payments to the POS partners for marketing or other development initiatives to promote additional lease originations through these POS partners. Payments made to POS partners as consideration for them providing exclusivity to Progressive Leasing for lease-to-own transactions with customers of the POS partner are expensed on a straight-line basis over the exclusivity term. Rebates are accrued over the period the POS partner is earning the rebate, which is typically based on quarterly or annual lease origination volumes. Payments made to POS partners for marketing or development initiatives are expensed on a straight-line basis over the period the POS partner is earning the funds or the specified marketing term. Progressive Leasing expensed $18.0 million, $13.0 million, and $14.0 million for such additional consideration to POS partners, for the years ended December 31, 2021, 2020, and 2019, respectively. Expenses related to additional consideration provided to POS partners are classified within operating expenses in the consolidated statements of earnings.

Advertising

The Company expenses advertising costs as incurred. Total advertising costs amounted to $17.5 million, $6.6 million and $7.0 million for the years ended December 31, 2021, 2020 and 2019, respectively, and are classified within operating expenses in the consolidated statements of earnings.

Stock-Based Compensation

The Company has stock-based employee compensation plans, which are more fully described in Note 13 to these consolidated financial statements. The Company estimates the fair value for the options granted on the grant date using a Black-Scholes-Merton option-pricing model. The fair value of each share of restricted stock units ("RSUs"), restricted stock awards ("RSAs") and performance share units ("PSUs") awarded is equal to the market value of a share of the Company’s common stock on the grant date. The Company estimates the fair value of awards issued under the Company's employee stock purchase plan ("ESPP") using a series of Black-Scholes pricing models that consider the components of the "lookback" feature of the plan, including the underlying stock, call option and put option. The design of awards issued under the Company's ESPP is described in more detail in Note 13 to these consolidated financial statements.

Deferred Income Taxes

Deferred income taxes represent primarily temporary differences between the amounts of assets and liabilities for financial and tax reporting purposes. The Company’s largest temporary differences arise principally from the use of accelerated depreciation methods on lease merchandise for tax purposes.

Earnings (Loss) Per Share

Earnings per share is computed by dividing net earnings (loss) by the weighted average number of shares of common stock outstanding during the period. The computation of earnings per share assuming dilution includes the dilutive effect of stock options, RSUs, RSAs, PSUs and awards issuable under the Company's ESPP (collectively, "share-based awards") as determined under the treasury stock method. The following table shows the calculation of dilutive share-based awards:


	Year Ended December 31,
(Shares In Thousands)	2021	2020	2019
Weighted Average Shares Outstanding	66,026	67,261	67,322
Dilutive Effect of Share-Based Awards	390	761	—
Weighted Average Shares Outstanding Assuming Dilution	66,416	68,022	67,322

Approximately 423,000, 747,000 and 1,726,000 weighted-average share-based awards were excluded from the computation of earnings per share assuming dilution during the years ended December 31, 2021, 2020 and 2019, respectively, as the awards would have been antidilutive for the periods presented.

Cash and Cash Equivalents

The Company classifies highly liquid investments with maturity dates of three months or less when purchased as cash equivalents. The Company maintains its cash and cash equivalents in a limited number of banks. Bank balances typically exceed coverage provided by the Federal Deposit Insurance Corporation. However, due to the size and strength of the banks in which the balances are held, any exposure to loss is believed to be minimal.

Accounts Receivable

Accounts receivable consist primarily of receivables due from customers of Progressive Leasing and amounted to $66.3 million and $61.3 million, net of allowances, as of December 31, 2021 and 2020, respectively.

The Company maintains an accounts receivable allowance, which primarily relates to its Progressive Leasing operations and, to a lesser extent, receivables from Vive's POS partners. The Company’s policy is to record an allowance for uncollectible renewal payments based on historical collection experience. Other qualitative factors are considered in estimating the allowance, such as current and forecasted customer payment trends including, but not limited to, the potential unfavorable impacts of the COVID-19 pandemic on our businesses. We believe government stimulus measures in 2020 and the first half of 2021 contributed to the favorable payment trends we experienced following those measures. Given the significant uncertainty regarding the impacts of increasing inflation and the COVID-19 pandemic on our business, a high level of estimation was involved in determining the allowance as of December 31, 2021. Therefore, actual future accounts receivable write-offs may differ materially from the allowance. If the recent increase in inflation continues in future periods, such a development may adversely impact our customers' ability to continue to make payments to us. The provision for uncollectible renewal payments is recorded as a reduction of lease revenues and fees within the consolidated statements of earnings. For customer lease agreements that are past due, the Company's policy is to write-off lease receivables after 120 days.

Vive's allowance for uncollectible merchant accounts receivable, which primarily related to cardholder returns and refunds, is recorded as bad debt expense within operating expenses in the consolidated statements of earnings. See below for discussion of Vive's loans receivable and related allowance for loan losses.

The following table shows the components of the accounts receivable allowance:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Beginning Balance	$	56,364	$	65,573	$	53,159
Net Book Value of Accounts Written Off	(247,789)		(278,576)		(290,562)
Recoveries	37,914		46,010		26,734
Accounts Receivable Provision	224,744		223,357		276,242
Ending Balance	$	71,233	$	56,364	$	65,573

The following table shows the amounts recognized for bad debt expense and provision for returns and uncollected payments for the fiscal years presented:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Bad Debt Expense1	$	2	$	86	$	1,337
Provision for Uncollected Renewal Payments2	224,742		223,271		274,905
Accounts Receivable Provision	$	224,744	$	223,357	$	276,242

1 Bad debt expense is recorded within operating expenses in the consolidated statements of earnings.

2 Provision for uncollected renewal payments is recorded as a reduction to lease revenues and fees in the consolidated statements of earnings.

Loans Receivable, Net

Gross loans receivable represents the principal balances of credit card charges at Vive's participating merchants that remain due from cardholders, plus unpaid interest and fees due from cardholders. The allowance and unamortized fees represent uncollectible amounts; merchant fee discounts, net of capitalized origination costs; promotional fee discounts; and deferred annual card fees. As of December 31, 2021, loans receivable, net also includes outstanding receivables from customers of Four.

Economic conditions and loan performance trends are closely monitored to manage and evaluate exposure to credit risk. Trends in delinquency rates are an indicator of credit risk within the loans receivable portfolio, including the migration of loans between delinquency categories over time. Charge-off rates represent another indicator of the potential for future credit losses. The risk in the loans receivable portfolio is correlated with broad economic trends, such as current and projected unemployment rates, stock market volatility, and changes in medium and long-term risk-free rates, which are considered in determining the allowance for loan losses and can have a material effect on credit performance.

Effective January 1, 2020 with the adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("CECL"), as discussed within "Recent Accounting Pronouncements" below, expected lifetime losses on loans receivable are recognized upon loan acquisition, which requires the Company to make its best estimate of probable lifetime losses at the time of acquisition. Our credit card loans do not have contractually stated maturity dates, which requires the Company to estimate an average life of loan by analyzing historical payment trends to determine an expected remaining life of the loan balance. The Company segments its loans receivable portfolio into homogenous pools by Fair Isaac and Company ("FICO") score and by delinquency status and evaluates loans receivable collectively for impairment when similar risk characteristics exist.

The Company calculates Vive's allowance for loan losses based on internal historical loss information and incorporates observable and forecasted macroeconomic data over a twelve-month reasonable and supportable forecast period. Incorporating macroeconomic data could have a material impact on the measurement of the allowance to the extent that forecasted data changes significantly, such as higher forecasted unemployment rates and the observed significant market volatility associated with the COVID-19 pandemic. For any periods beyond the twelve-month reasonable and supportable forecast period described above, the Company reverts to using historical loss information on a straight-line basis over a period of six months and utilizes historical loss information for the remaining life of the portfolio. The Company may also consider other qualitative factors in estimating the allowance, as necessary. For the purposes of determining the allowance as of December 31, 2021, management considered other qualitative factors such as the beneficial impact of government stimulus measures to our customer base that were not fully factored into the macroeconomic forecasted data. We believe those stimulus measures may have contributed to the favorable cardholder payment trends experienced at Vive in 2020 and 2021. The allowance for loan losses is maintained at a level considered appropriate to cover expected future losses of principal, interest and fees on active loans in the loans receivable portfolio. The appropriateness of the allowance is evaluated at each period end. If the recent increase in inflation continues in future periods, such a development may adversely impact our customers' ability to continue to make payments to us. To the extent that actual results differ from estimates of uncollectible loans receivable, including the significant uncertainties caused by increasing inflation and the COVID-19 pandemic, the Company's results of operations and liquidity may be materially affected.

Vive's delinquent loans receivable includes those that are 30 days or more past due based on their contractual billing dates. In response to the COVID-19 pandemic, the Company has granted affected Vive customers payment deferrals while allowing them to maintain their delinquency status for an additional 30 days per deferral. Vive's loans receivable are placed on nonaccrual status when they are greater than 90 days past due or upon notification of cardholder bankruptcy, death or fraud. The Company discontinues accruing interest and fees and amortizing merchant fee discounts and promotional fee discounts for Vive's loans receivable in nonaccrual status. Loans receivable are removed from nonaccrual status when cardholder payments resume, the loan becomes 90 days or less past due and collection of the remaining amounts outstanding is deemed probable. Payments received on nonaccrual loans are allocated according to the same payment hierarchy methodology applied to loans that are accruing interest. Loans receivable are charged off no later than the end of the following month after the billing cycle in which the loans receivable become 120 days past due.

Vive extends or declines credit to an applicant through its bank partners based upon the applicant’s credit rating and other factors. Below is a summary of the credit quality of the Company’s loan portfolio as of December 31, 2021 and 2020 by FICO score as determined at the time of loan origination:


	December 31,
FICO Score Category	2021		2020
600 or Less	7.7	%	7.5	%
Between 600 and 700	78.0	%	79.3	%
700 or Greater	12.7	%	13.2	%
No Score Identified	1.6	%	—	%

Property, Plant and Equipment

The Company records property, plant and equipment at cost. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the respective assets, which range from three to 12 years for leasehold improvements and from one to seven years for other depreciable property and equipment.

Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful life of the software, which ranges from five to 10 years. The Company primarily develops software for use in its Progressive Leasing and Vive operations. The Company uses an agile development methodology in which feature-by-feature updates are made to its software. Certain costs incurred during the application development stage of an internal-use software project are capitalized when management, with the relevant authority, authorizes and commits to funding a feature update and it is probable that the project will be completed and the software will be used to perform the function intended. Capitalization of costs ceases when the feature update is substantially complete and ready for its intended use. All costs incurred during preliminary project and post-implementation project stages are expensed appropriately. Generally, the life cycle for each feature update implementation is one month.

Gains and losses related to dispositions and retirements are recognized as incurred. Maintenance and repairs are also expensed as incurred, and leasehold improvements are capitalized and amortized over the lesser of the lease term or the asset's useful life. Depreciation expense for property, plant and equipment is included in operating expenses in the accompanying consolidated statements of earnings and was $11.0 million, $9.7 million and $9.1 million during the years ended December 31, 2021, 2020

and 2019, respectively. Amortization of previously capitalized internal use software development costs, which is a component of depreciation expense for property, plant and equipment, was $4.9 million, $3.4 million and $2.9 million during the years ended December 31, 2021, 2020 and 2019, respectively.

The Company assesses its long-lived assets other than goodwill and other indefinite-lived intangible assets for impairment whenever facts and circumstances indicate that the carrying amount may not be fully recoverable. If it is determined that the carrying amount of an asset is not recoverable, the Company compares the carrying amount of the asset to its fair value as estimated using discounted expected future cash flows, market values or replacement values for similar assets. The amount by which the carrying amount exceeds the fair value of the asset, if any, is recognized as an impairment loss.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


	December 31,
(In Thousands)	2021		2020
Prepaid Expenses	$	28,283	$	19,590
Prepaid Software Expenses	7,102		3,440
Unamortized Initial Direct Costs on Lease Agreement Originations	5,326		4,986
Prepaid Insurance	40		3,639
Other Assets	7,446		7,899
Prepaid Expenses and Other Assets	$	48,197	$	39,554

The Company incurs costs to implement cloud computing arrangements ("CCA") that are hosted by third-party vendors. Implementation costs associated with CCA are capitalized when incurred during the application development phase and are recorded within prepaid software expenses above. Amortization is calculated on a straight-line basis over the contractual term of the arrangement and is included within computer software expense as a component of operating expenses in the consolidated statements of earnings.

Goodwill

Goodwill represents the excess of the purchase price paid over the fair value of the identifiable net tangible and intangible assets acquired in connection with business acquisitions. Progressive Leasing and Four are the only reporting units with goodwill. Impairment occurs when the carrying amount of goodwill is not recoverable from future cash flows. The Company’s goodwill is not amortized but is subject to an impairment test at the reporting unit level annually as of October 1 and more frequently if events or circumstances indicate that impairment may have occurred. Factors which could necessitate an interim impairment assessment include a sustained decline in the Company’s stock price, prolonged negative industry or economic trends and significant underperformance relative to historical results, projected future operating results, or the Company fails to successfully execute on one or more elements of Progressive Leasing and/or Four's strategic plans. The Company performed a qualitative assessment for the goodwill of Progressive Leasing and Four as of October 1, 2021 and concluded that no impairment had occurred. The Company determined that there were no events or circumstances that changed in the fourth quarter of 2021 that would more likely than not reduce the fair value of Progressive Leasing or Four below their carrying amounts.

Other Intangibles

Other intangibles represent identifiable intangible assets acquired as a result of the Progressive Leasing, Vive and Four acquisitions, which the Company recorded at the estimated fair value as of the respective acquisition dates. The Company amortized the definite-lived intangible assets acquired as a result of the Vive acquisition on a straight-line basis over five years. The Company amortizes the definite-lived intangible assets acquired as a result of the Progressive Leasing and Four acquisitions on a straight-line basis over periods ranging from two to 12 years for technology, Four's trade name, and merchant relationships.

Indefinite-lived intangible assets represent the value of the trade name acquired as part of the Progressive Leasing acquisition. At the date of acquisition, the Company determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful life of the trade name intangible asset and, therefore, the useful life is considered indefinite. The Company reassesses this conclusion quarterly and continues to believe the useful life of this asset is indefinite.

Indefinite-lived intangible assets are not amortized but are subject to an impairment test annually and when events or circumstances indicate that impairment may have occurred. The Company performs the impairment test for its indefinite-lived intangible assets on October 1 in conjunction with its annual goodwill impairment test. The Company completed its indefinite-lived intangible asset impairment test as of October 1, 2021 and concluded that no impairment had occurred.

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


	December 31,
(In Thousands)	2021		2020
Accounts Payable	$	13,741	$	8,630
Accrued Salaries and Benefits	25,861		18,120
Accrued Sales and Personal Property Taxes	14,851		12,933
Income Taxes Payable	2,782		18,183
Uncertain Tax Position1	48,451		2,748
Other Accrued Expenses and Liabilities	30,268		17,635
Accounts Payable and Accrued Expenses	$	135,954	$	78,249

1 The uncertain tax position at December 31, 2021 is primarily related to the Company’s tax treatment of the $175.0 million settlement payment made in 2020 to the FTC as discussed in Note 10 and Note 11.

Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets.

Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3—Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

The Company measures a liability related to its non-qualified deferred compensation plan, which represents benefits accrued for plan participants and is valued at the quoted market prices of the participants’ investment elections, at fair value on a recurring basis. The Company maintains certain financial assets and liabilities that are not measured at fair value but for which fair value is disclosed.

The fair values of the Company’s other current financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable, approximate their carrying values due to their short-term nature. The fair value of any revolving credit borrowings also approximate their carrying amounts.

Recent Accounting Pronouncements

Adopted

Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("CECL"). The main objective of the update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by companies at each reporting date. For trade and other receivables, held to maturity debt securities and other instruments, companies will be required to use a new forward-looking "expected losses" model that generally will result in the recognition of allowances for losses earlier than under the historical accounting guidance. The Company's operating lease activities within Progressive Leasing are not impacted by ASU 2016-13, as operating lease receivables are not in the scope of the CECL standard. The Company was impacted by ASU 2016-13 within its Vive segment because the standard requires earlier recognition of estimated credit losses in the consolidated statements of earnings. Although the CECL standard requires the estimated credit losses to be recognized at the time of loan origination, the related merchant fee discount continues to be amortized as interest and fee revenue on a straight-line basis over the initial 24-month period that the card is active. Therefore, on a loan-by-loan basis, the CECL standard results in higher losses recognized upon loan origination for the estimated credit losses, generally followed by higher net earnings as the related merchant fee discount is amortized to interest and fee revenue, and as interest revenue is accrued and earned on the outstanding loan. Although the CECL standard results in earlier recognition of credit losses in the statements of earnings, there are no changes related to the loan cash flows or the fundamental economics of the business.

The Company adopted ASU 2016-13 on a modified retrospective basis during the first quarter of 2020, resulting in a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The application of this transition method resulted in a cumulative-effect non-cash adjustment of $6.7 million, representing a decrease to the Company's January 1, 2020 retained earnings, net of tax. This adjustment was primarily due to the recognition of a $9.5 million increase to the allowance for loan losses as a result of adopting the new CECL standard. The Company has finalized its internal controls and accounting policies related to the CECL standard, which were in place as of January 1, 2020.

Pending Adoption

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The standard provides temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the London Interbank Overnight ("LIBO") rate. Entities may apply the provisions of the new standard as of the beginning reporting period when the election is made. The provisions of the update are available to contracts entered into before January 1, 2023, when the reference rate replacement activity is expected to be completed. The Company's Revolving Facility currently references the LIBO rate for determining interest payable on outstanding borrowings. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts referencing the LIBO rate. The new guidance provides an expedient which simplifies accounting analyses under current GAAP for contract modifications if the change is directly related to a change from the LIBO rate to a new interest rate index. The Company is continuing to evaluate the provisions of ASU 2020–04 and the impacts of transitioning to an alternative rate; however, we do not expect it to have a material impact to the Company's consolidated financial statements or to any key terms of our Revolving Facility other than the discontinuation of the LIBO rate.

Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

Separation and Distribution of the Aaron’s Business Segment

As discussed in Note 1 above, on November 30, 2020, PROG Holdings completed the separation and distribution of its Aaron's Business segment, and the requirements for the presentation of Aaron's Business as a discontinued operation were met on that date. Accordingly, all direct revenues and expenses of the Aaron's Business operations have been classified within discontinued operations, net of income tax, within our consolidated statements of earnings for all periods through the separation and distribution date of November 30, 2020. Corporate overhead costs previously reported as expenses of the Aaron’s Business segment did not qualify for classification within discontinued operations and have been classified as expenses within continuing operations for all periods presented through the separation and distribution date of November 30, 2020. The following table summarizes the major classes of line items constituting (loss) earnings of our Aaron's Business segment, which are included within the (loss) earnings from discontinued operations, net of income tax, in the consolidated statements of earnings and the operating and investing cash flows of the discontinued operations.


	11 Months Ended November 30,		Year Ended December 31,
(In Thousands)	2020		2019
Revenues	$	1,591,217	$	1,784,477
Operating (Loss) Profit	(381,244)		78,261
(Loss) Earnings from Discontinued Operations Before Income Tax1	(393,415)		65,175
Income Tax (Benefit) Expense from Discontinued Operations	(98,323)		9,088
(Loss) Earnings from Discontinued Operations, Net of Income Tax	$	(295,092)	$	56,087

Cash Flows:
Cash Provided by Operating Activities - Discontinued Operations	$	193,319	$	172,314
Cash Used in Investing Activities - Discontinued Operations	$	(64,508)	$	(76,187)

1Loss from Discontinued Operations Before Income Tax during the year ended December 31, 2020 reflects a $446.9 million goodwill impairment loss related to the Aaron's Business segment, $36.5 million of third-party transaction costs related to the separation and distribution transaction, $14.7 million related to a sales and marketing early termination fee, and a $4.1 million loss on debt extinguishment.

In order to facilitate an effective separation and distribution, the Company entered into several agreements with The Aaron's Company, which govern the nature of the relationship between and responsibilities of the two companies following the separation. No changes were made to any of the agreements. Payments and expense reimbursements for transition services were not material during the years ended December 31, 2021 and 2020.

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITION

On June 25, 2021, the Company acquired 100% of the capital stock of Four for a purchase price of $22.7 million in cash, inclusive of cash acquired. The purchase price of $23.5 million on the acquisition date was reduced by $0.8 million as of December 31, 2021 due to working capital adjustments as detailed in the table below.

Four is an innovative Buy Now, Pay Later company that allows shoppers to pay for merchandise through four interest-free installments. Four’s proprietary platform capabilities and its base of customers and retailers expand PROG Holdings’ ecosystem of financial technology offerings by introducing a payment solution that further diversifies the Company's consumer financial technology offerings. Shoppers use Four to purchase furniture, clothing, electronics, health and beauty, footwear, jewelry, and other consumer goods from retailers across the United States.

The amounts of revenue and loss before income taxes of Four included in the Company's consolidated statements of earnings from the acquisition date of June 25, 2021 through December 31, 2021 were not material to the Company's consolidated financial results. Additionally, the pro forma impacts on the Company's revenues and earnings as if the acquisition occurred on January 1, 2020 were not material.

The purchase price of Four was preliminarily allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The following table provides the preliminary and final adjusted fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date. The acquisition accounting adjustments are final as of December 31, 2021 and did not have a significant impact on the consolidated financial statements.


(In Thousands)	Amounts Recognized as of Acquisition Date (June 25, 2021)1		Acquisition Accounting Adjustments2		Amounts Recognized as of Acquisition Date (As Adjusted)
Aggregate Purchase Price	$	23,465	$	(771)	$	22,694
Fair Value of Identifiable Assets Acquired and Liabilities Assumed
Cash and Cash Equivalents	530		(196)		334
Loans Receivable3	1,030		(421)		609
Property, Plant and Equipment	210		(12)		198
Other Intangibles	5,173		—		5,173
Prepaid Expenses and Other Assets	48		(9)		39
Total Identifiable Assets Acquired	6,991		(638)		6,353
Accounts Payable and Accrued Expenses	(77)		(155)		(232)
Deferred Income Tax Liability	(1,275)		437		(838)
Total Liabilities Assumed	(1,352)		282		(1,070)
Goodwill	17,826		(415)		17,411
Net Assets Acquired	$	23,465	$	(771)	$	22,694

1 As previously reported in the notes to the condensed consolidated financial statements as of June 30, 2021.

2 The acquisition accounting adjustments are based on information obtained during the year ended December 31, 2021 about conditions that existed as of the acquisition date regarding changes in working capital accounts. The acquisition accounting adjustments are final as of December 31, 2021.

3 The gross contractual unpaid principal of acquired loans receivable was $1.1 million and we expect to collect $0.6 million.

The intangible assets attributable to the acquisition are comprised of the following:


	Fair Value (In Thousands)		Weighted Average Life (In Years)
Acquired Technology	$	4,000	5.0
Trade Name	587		5.0
Merchant Relationships	586		2.0
Total Acquired Intangibles Assets1	$	5,173

1Acquired definite-lived intangible assets have a total weighted average life of 4.7 years.

The fair value measurements for acquired intangible assets were based on significant unobservable inputs (level 3) developed using company-specific information. Goodwill consists of the excess of the estimated purchase price over the fair value of the net assets acquired and represents the Company's ability to provide a Buy Now, Pay Later product to PROG Holdings' existing base of retailers, merchants and customers. The value of goodwill is not tax deductible.

The Company incurred $0.6 million of acquisition-related costs in connection with the acquisition during the year ended December 31, 2021. These costs were included in operating expenses in the consolidated statements of earnings.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Indefinite-Lived Intangible Assets

The following table summarizes information related to indefinite-lived intangible assets at December 31:


	December 31,
(In Thousands)	2021		2020
Trade Name	$	53,000	$	53,000
Goodwill1	306,212		288,801
Indefinite-lived Intangible Assets	$	359,212	$	341,801

1 As of December 31, 2021, the amount of goodwill related to Progressive Leasing and Four was $288.8 million and $17.4 million, respectively.

Definite-Lived Intangible Assets

The following table summarizes information related to definite-lived intangible assets at December 31:


	2021						2020
(In Thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Acquired Internal-Use Software	$	14,000	$	(14,000)	$	—	$	14,000	$	(14,000)	$	—
Technology	72,550		(53,862)		18,688		68,550		(46,861)		21,689
Merchant Relationships	181,586		(116,498)		65,088		181,000		(101,268)		79,732
Other Intangibles1	587		(58)		529		—		—		—
Total	$	268,723	$	(184,418)	$	84,305	$	263,550	$	(162,129)	$	101,421

1 Other intangibles consists of the Four trade name.

Total amortization expense of definite-lived intangible assets included in operating expenses in the accompanying consolidated statements of earnings (loss) was $22.3 million, $22.1 million and $22.3 million during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, estimated future amortization expense for the next five years related to definite-lived intangible assets is as follows:


(In Thousands)
2022	$	22,894
2023	22,747
2024	17,889
2025	16,001
2026	4,774

Fair Value Measurement

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

FAIR VALUE MEASUREMENT

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes financial liabilities measured at fair value on a recurring basis:


	December 31, 2021						December 31, 2020
(In Thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Deferred Compensation Liability	$	—	$	2,423	$	—	$	—	$	1,740	$	—

The Company maintains the PROG Holdings, Inc. Deferred Compensation Plan as described in Note 15 to these consolidated financial statements. The liability is recorded in accounts payable and accrued expenses in the consolidated balance sheets. The liability represents benefits accrued for plan participants and is valued at the quoted market prices of the participants’ investment elections, which consist of equity and debt "mirror" funds. As such, the Company has classified the deferred compensation liability as a Level 2 liability.

Financial Assets and Liabilities Not Measured at Fair Value for Which Fair Value is Disclosed

Vive's loans receivable are measured at amortized cost, net of an allowance for loan losses and unamortized fees on the consolidated balance sheets. In estimating fair value for Vive's loans receivable, the Company utilized a discounted cash flow methodology. The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future loss rates, and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors).

Four's loans receivable, net of an allowance for loan losses and unamortized fees, are included within loans receivable, net on the consolidated balance sheet as of December 31, 2021 at approximated fair value based on a discounted cash flow methodology.

The Company's unsecured senior notes ("Senior Notes") are carried at amortized cost on the consolidated balance sheet and are measured at fair value for disclosure purposes. The fair value of the unsecured senior notes was derived from quoted prices for the senior notes and has been classified as Level 2 in the fair value hierarchy. As of December 31, 2020, the Company had an outstanding balance on the Revolving Facility of $50 million. The Revolving Facility bears a variable interest rate and therefore is measured at fair value. For further information about the Company's Revolving Facility, see Note 9.

The following table summarizes the fair value of the Company's debt and the loans receivable held by Vive and Four:


	December 31, 2021						December 31, 2020
(In Thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Senior Notes	$	—	$	616,080	$	—	$	—	$	—	$	—
Loans Receivable, Net	$	—	$	—	$	157,070	$	—	$	—	$	119,895

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

The following is a summary of the Company’s property, plant and equipment:


	December 31,
(In Thousands)	2021		2020
Leasehold Improvements	$	12,115	$	12,117
Fixtures, Equipment and Vehicles	34,066		32,271
Internal-Use Software	22,692		17,400
Internal-Use Software - In Development	2,869		1,595
Property, Plant and Equipment, Gross	71,742		63,383
Less: Accumulated Depreciation and Amortization1	(46,094)		(36,678)
Property, Plant and Equipment, Net	$	25,648	$	26,705

1Accumulated amortization of internal-use software development costs amounted to $12.3 million and $7.5 million as of December 31, 2021 and 2020, respectively.

Loans Receivable

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Loans Receivable

LOANS RECEIVABLE

The following is a summary of the Company’s loans receivable, net:


	December 31,
(In Thousands)	2021		2020
Loans Receivable, Gross	$	172,615	$	131,422
Unamortized Fees	(12,511)		(10,147)
Loans Receivable, Amortized Cost	160,104		121,275
Allowance for Loan Losses	(40,789)		(42,127)
Loans Receivable, Net of Allowances and Unamortized Fees1	$	119,315	$	79,148

1 Loans Receivable, Net of Allowances and Unamortized Fees attributable to Four was $1.5 million and zero as of December 31, 2021 and 2020, respectively.

The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:


(In Thousands)
As of December 31, 2021	2021		2020		2019		2018		2017		Prior		Total
FICO Score Category:
600 or Less	$	9,353	$	2,459	$	700	$	209	$	35	$	29	$	12,785
Between 600 and 700	86,487		25,350		7,506		2,409		1,667		1,524		124,943
700 or Greater	14,886		3,146		737		432		248		388		19,837
No Score Identified	2,539		—		—		—		—		—		2,539
Total Amortized Cost	$	113,265	$	30,955	$	8,943	$	3,050	$	1,950	$	1,941	$	160,104

Included in the table below is an aging of the loans receivable, gross balance:


(Dollar Amounts in Thousands)	December 31,
Aging Category	2021			2020
30-59 Days Past Due	6.3		%	5.7		%
60-89 Days Past Due	3.1		%	2.6		%
90 or More Days Past Due	4.0		%	3.1		%
Past Due Loans Receivable	13.4		%	11.4		%
Current Loans Receivable	86.6		%	88.6		%
Balance of Credit Card Loans on Nonaccrual Status	$	3,527		$	1,962
Balance of Loans Receivable 90 or More Days Past Due and Still Accruing Interest and Fees	$	—		$	—

The table below presents the components of the allowance for loan losses:


	Year Ended December 31,
(In Thousands)	2021		2020
Beginning Balance	$	42,127	$	14,911
CECL Transition Adjustment1	—		9,463
Provision for Loan Losses	17,668		34,038
Charge-offs	(22,881)		(19,504)
Recoveries	3,875		3,219
Ending Balance	$	40,789	$	42,127

1 Upon the January 1, 2020 adoption of CECL as described in Note 1 to these consolidated financial statements, the Company increased its allowance for loan losses by $9.5 million. The increase was recorded as a cumulative-effect non-cash adjustment of $6.7 million, net of tax, to the opening balance of the Company's 2020 retained earnings.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

LEASES

Lessor Information

Refer to Note 1 to these consolidated financial statements for further information about the Company's revenue generating activities as a lessor. All of Progressive Leasing's customer agreements are considered operating leases, and the Company currently does not have any sales-type or direct financing leases.

Lessee Information

As a lessee, the Company leases call center, management and information technology space for corporate functions under operating leases expiring at various times through 2027. To the extent that a leased property is vacated prior to the termination of the lease, the Company may sublease these spaces to third parties. The Company also leases space for its hub facilities, some of its vehicles, and information technology equipment under operating leases. For all of its leases in which the Company is a lessee, the Company has elected to include both the lease and non-lease components as a single component and account for it as a lease. The Company did not have any obligations under finance leases for any of the periods presented within the consolidated financial statements.

Operating lease costs are recorded on a straight-line basis within operating expenses in the consolidated statements of earnings. The Company did not have any subleases in which it remained as the primary obligor during 2021 or 2020 and currently does not anticipate receiving any future sublease receipts. The Company’s total operating lease cost is comprised of the following:


	Year Ended December 31,
(In Thousands)	2021		2020
Operating Lease cost:
Operating Lease cost classified within Operating Expenses1	$	4,753	$	4,481

Total Operating Lease cost:	$	4,753	$	4,481

1 Short-term and variable lease expenses were not significant during the years ended December 31, 2021 and 2020. Short-term lease expense is defined as leases with a lease term of greater than one month, but not greater than 12 months.

Additional information regarding the Company’s leasing activities as a lessee is as follows:


	Year Ended December 31,
(In Thousands)	2021		2020
Cash Paid for amounts included in measurement of Lease Liabilities:
Operating Cash Flows for Operating Leases	$	5,710	$	5,252
Total Cash paid for amounts included in measurement of Lease Liabilities	5,710		5,252
Right-of-Use Assets obtained in exchange for new Operating Lease Liabilities	35		—

Supplemental balance sheet information related to leases is as follows:


		December 31,
(In Thousands)	Balance Sheet Classification	2021		2020
Assets
Total Lease Assets	Operating Lease Right-of-Use Assets	$	17,488	$	20,613
Liabilities
Total Lease Liabilities	Operating Lease Liabilities	$	25,410	$	29,516

Many of the Company’s real estate leases contain renewal options for additional periods ranging from three to five years. The Company currently does not have any real estate leases in which it considers the renewal options to be reasonably certain of exercise, as the Company's leases contain contractual renewal rental rates that are considered to be in line with market rental rates and there are not significant economic penalties or business disruptions incurred by not exercising any renewal options.

The Company uses its incremental borrowing rate as the discount rate for its leases, as the implicit rate in the lease is not readily determinable. Below is a summary of the weighted-average discount rate and weighted-average remaining lease term for the Company’s operating leases:


	December 31,
	2021			2020
	Weighted Average Discount Rate		Weighted Average Remaining Lease Term (in years)	Weighted Average Discount Rate		Weighted Average Remaining Lease Term (in years)
Operating Leases	3.4	%	4.8	3.4	%	5.7

Under the short-term lease exception provided within ASC 842, the Company does not record a lease liability or right-of-use asset for any leases that have a lease term of 12 months or less at commencement. Below is a summary of undiscounted operating lease liabilities that have initial terms in excess of one year as of December 31, 2021. The table also includes a reconciliation of the future undiscounted cash flows to the present value of operating lease liabilities included in the consolidated balance sheets.


(In Thousands)	Total
2022	$	5,801
2023	5,579
2024	5,399
2025	4,351
2026	3,911
Thereafter	2,672
Total Undiscounted Cash Flows	27,713
Less: Interest	(2,303)
Present Value of Lease Liabilities	$	25,410

Leases

LEASES

Lessor Information

Lessee Information


	Year Ended December 31,
(In Thousands)	2021		2020
Operating Lease cost:
Operating Lease cost classified within Operating Expenses1	$	4,753	$	4,481

Total Operating Lease cost:	$	4,753	$	4,481

Additional information regarding the Company’s leasing activities as a lessee is as follows:


	Year Ended December 31,
(In Thousands)	2021		2020
Cash Paid for amounts included in measurement of Lease Liabilities:
Operating Cash Flows for Operating Leases	$	5,710	$	5,252
Total Cash paid for amounts included in measurement of Lease Liabilities	5,710		5,252
Right-of-Use Assets obtained in exchange for new Operating Lease Liabilities	35		—

Supplemental balance sheet information related to leases is as follows:


		December 31,
(In Thousands)	Balance Sheet Classification	2021		2020
Assets
Total Lease Assets	Operating Lease Right-of-Use Assets	$	17,488	$	20,613
Liabilities
Total Lease Liabilities	Operating Lease Liabilities	$	25,410	$	29,516


	December 31,
	2021			2020
	Weighted Average Discount Rate		Weighted Average Remaining Lease Term (in years)	Weighted Average Discount Rate		Weighted Average Remaining Lease Term (in years)
Operating Leases	3.4	%	4.8	3.4	%	5.7


(In Thousands)	Total
2022	$	5,801
2023	5,579
2024	5,399
2025	4,351
2026	3,911
Thereafter	2,672
Total Undiscounted Cash Flows	27,713
Less: Interest	(2,303)
Present Value of Lease Liabilities	$	25,410

Indebtedness

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Indebtedness

INDEBTEDNESS

Below is a summary of the Company's debt, net of applicable unamortized debt issuance costs:


	December 31,
(In Thousands)	2021		2020
Senior Unsecured Notes, 6.000%, due November 2029	$	600,000	$	—
Revolving Facility Outstanding1	—		50,000
Less: Unamortized Debt Issuance Costs	(10,346)		—
Total Debt, Net of Unamortized Debt Issuance Costs	$	589,654	$	50,000

1 Unamortized debt issuance costs related to the Revolving Facility were $1.7 million and $2.2 million as of December 31, 2021 and 2020, respectively. These amounts were included within prepaid expenses on the consolidated balance sheets.

Senior Unsecured Notes

On November 26, 2021, the Company entered into an indenture with the guarantors party thereto and U.S. Bank National Association, as trustee, in connection with the Company’s previously announced offering of $600 million aggregate principal amount of its 6.00% senior unsecured notes due 2029. The Senior Notes were issued at 100.0% of their par value. The Senior Notes are general unsecured obligations of the Company and are guaranteed by certain of the Company’s existing and future domestic subsidiaries.

The Senior Notes bear an annual interest rate of 6.00% and interest payments are payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2022. The Senior Notes will mature on November 15, 2029.

The net proceeds from the Senior Notes were used to fund the purchase price, and related fees and expenses, of the Company’s tender offer to purchase $425 million of the Company’s common stock as discussed in Note 12. The Company intends to use any remaining proceeds for future additional share repurchases or, to the extent the Company determines not to repurchase additional shares, for general corporate purposes.

The Senior Notes will also be redeemable, in whole or in part, at any time or from time to time on or after November 15, 2024, at the redemption prices specified in the indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time and from time to time prior to November 15, 2024, the Senior Notes may be redeemed, in whole or in part, at a redemption price of 100% of the principal amount thereof, plus a "make-whole premium" specified in the indenture and accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, the Company may redeem up to 40% of the Senior Notes at any time or from time to time before November 15, 2024, with the proceeds from certain equity offerings at a redemption price equal to 106% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Upon the occurrence of a Change of Control (as defined in the indenture), each holder has the right to require the Company to offer to repurchase all or any part of such holder’s Senior Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Company is not required to make mandatory sinking fund payments with respect to the Senior Notes.

Revolving Facility

On November 24, 2020, the Company entered into a credit agreement with a consortium of lenders providing for a $350.0 million senior unsecured revolving credit facility (the "Revolving Facility"), under which revolving borrowings became available at the completion of the separation and distribution transaction, and under which all borrowings and commitments will mature or terminate on November 24, 2025. The Company expects that the Revolving Facility will be used to provide for working capital and capital expenditures, to finance future permitted acquisitions, and for other general corporate purposes. The Company incurred $2.2 million of lender and legal fees related to the Revolving Facility, which were recorded within prepaid expenses and other assets in the consolidated balance sheets and will be deferred and amortized through the maturity date. The Company had no outstanding borrowings under the Revolving Facility as of December 31, 2021.

The Company is a guarantor of the Revolving Facility with Progressive Finance Holdings, LLC, a wholly-owned subsidiary of the Company, as borrower. The Revolving Facility includes (i) a $20.0 million sublimit for the issuance of letters of credit on customary terms and (ii) a $25.0 million sublimit for swingline loans on customary terms. The Company will have the right from time to time to request to increase the size of the Revolving Facility or add certain incremental revolving or term loan facilities (the "Incremental Facilities") in minimum amounts to be agreed upon. The aggregate principal amount of all such Incremental Facilities may not exceed $300.0 million. Borrowings under the Revolving Facility bear interest at a rate per annum equal to, at our option, (i) the LIBO rate plus a margin within the range of 1.50% to 2.50% for revolving loans, based on total leverage, or (ii) the base rate plus the applicable margin, which will be 1.00% lower than the applicable margin for LIBO rate loans.

The Company pays a commitment fee on unused balances, which ranges from 0.20% to 0.35% as determined by the Company's ratio of total net debt to EBITDA as defined by the Revolving Facility. As of December 31, 2021, the amount available under the Revolving Facility was $350 million.

Financial Covenants

The indenture discussed above contains various other covenants and obligations to which the Company and its subsidiaries are subject to while the Senior Notes are outstanding. The covenants in the indenture may limit the extent to which, or the ability of the Company and its subsidiaries to, among other things: (i) incur additional debt and guarantee debt; (ii) pay dividends or make other distributions or repurchase or redeem capital stock; (iii) prepay, redeem or repurchase certain debt; (iv) issue certain preferred stock or similar equity securities; (v) make loans and investments; (vi) sell assets; (vii) incur liens; (viii) enter into transactions with affiliates; (ix) enter into agreements restricting the ability of the Company’s subsidiaries to pay dividends; and (x) consolidate, merge or sell all or substantially all of the Company’s assets. The indenture also contains customary events of default for transactions of this type and amount.

The Revolving Facility discussed above contains financial covenants, which include requirements that the Company maintain ratios of (i) total net debt to EBITDA as defined by the Revolving Facility of no more than 2.50:1.00 and (ii) consolidated interest coverage of no less than 3.00:1.00. The Company will be in default under the Revolving Facility agreement if it fails to comply with these covenants, and all borrowings outstanding may become due immediately. Additionally, under the revolving facility, if the total net debt to EBITDA as defined by the Revolving Facility exceeds 1.25, the revolver becomes fully secured for the remaining duration of the Revolving Facility term. The Revolving Facility is unsecured as of December 31, 2021. Under the Revolving Facility, the Company may pay cash dividends in any year so long as, after giving pro forma effect to the dividend payment, the Company maintains compliance with its financial covenants and no event of default has occurred or would result from the payment. At December 31, 2021, the Company was in compliance with all covenants related to its outstanding debt.

Below is a summary of future principal maturities due as of December 31, 2021.


(In Thousands)
2022	$	—
2023	—
2024	—
2025	—
2026	—
Thereafter	600,000
Total	$	600,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The following is a summary of the Company’s income tax expense from continuing operations:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Current Income Tax Expense (Benefit):
Federal	$	50,240	$	(15,895)	$	4,453
State	18,678		16,219		11,206
	68,918		324		15,659
Deferred Income Tax Expense:
Federal	16,852		37,132		38,353
State	(1,123)		493		(1,784)
	15,729		37,625		36,569
Income Tax Expense	$	84,647	$	37,949	$	52,228

Significant components of the Company’s deferred income tax liabilities and assets are as follows:


	December 31,
(In Thousands)	2021		2020
Deferred Tax Liabilities:
Lease Merchandise and Property, Plant and Equipment	$	244	$	179
Goodwill and Other Intangibles	1,046		—
Investment in Partnership	170,568		150,988
Operating Lease Right-of-Use Assets	421		447

Total Deferred Tax Liabilities	172,279		151,614
Deferred Tax Assets:
Accrued Liabilities	10,415		10,699

Operating Lease Liabilities	440		472
Other, Net	20,476		17,539
Total Deferred Tax Assets	31,331		28,710
Less: Valuation Allowance	(2,557)		(4,034)
Net Deferred Tax Liabilities	$	143,505	$	126,938

The Company’s effective tax rate from continuing operations differs from the statutory United States Federal income tax rate as follows:


	Year Ended December 31,
	2021		2020		2019
Statutory Rate	21.0	%	21.0	%	21.0	%
Increases (Decreases) in United States Federal Taxes
Resulting From:
State Income Taxes, Net of Federal Income Tax Benefit	3.8		4.6		26.9
Permanent Difference for Loss on Progressive FTC matter	—		—		133.1
NOL Carryback under CARES Act	—		(13.1)		—
Other Permanent Differences	—		(1.0)		(7.4)
Deferred Tax Adjustments	—		1.1		5.8
Current Uncertain Tax Position Expense	0.7		(0.3)		7.2
Other, Net	0.3		1.7		2.5
Effective Tax Rate	25.8	%	14.0	%	189.1	%

The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted on March 27, 2020 in the United States. As a result of the CARES Act legislation, the Company elected to carryback its 2018 net operating losses of $242.2 million to 2013, thus generating a refund of $84.4 million, which was received in July 2020, and an income tax benefit of $34.2 million which was reported within continuing operations in 2020. Vive filed a separate federal return from the Company and has also elected to carryback its 2018 and 2019 net operating losses of $5.4 million and $5.2 million respectively, to 2013 and 2014, thus generating a refund of $1.8 million in 2020, $0.5 million in 2021, and an estimated refund of $1.3 million anticipated to be received in 2022. The tax benefit related to the carryback of the net operating losses is the result of the federal income tax rate differential between the current statutory rate of 21% and the 35% rate applicable to 2013 and 2014.

At December 31, 2021, the Company had $0.9 million of tax-effected state net operating loss carryforwards and $6.7 million of state tax credit carryforwards, which will both begin to expire in 2023.

The Company files a federal consolidated income tax return in the United States, and the separate legal entities file in various states. With few exceptions, the Company is no longer subject to federal, state and local tax examinations by tax authorities for years before 2018.

In connection with our separation and distribution of The Aaron's Company, we entered into various agreements that govern the relationship between the parties going forward, including a tax matters agreement. Under the tax matters agreement, the Company is generally responsible for all additional taxes (and will be entitled to all related refunds of taxes) imposed on The Aaron's Company and its subsidiaries arising after the separation date with respect to the taxable periods ended on or prior to November 30, 2020.

Uncertain Tax Positions

The following table summarizes the activity related to the Company’s uncertain tax positions:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Balance at January 1,	$	2,748	$	3,699	$	1,896
Additions Based on Tax Positions Related to the Current Year	44,816		26		103
Additions for Tax Positions of Prior Years	21		220		1,957
Prior Year Reductions	(1)		(108)		(32)
Statute Expirations	(692)		(1,053)		(225)
Settlements	(142)		(36)		—
Balance at December 31,	$	46,750	$	2,748	$	3,699

As of December 31, 2021 and 2020, uncertain tax positions (inclusive of accrued interest) were $48.5 million and $3.0 million, respectively. The increase is primarily driven by the Company’s tax treatment of its settlement with the Federal Trade Commission ("FTC").

In December 2019, Progressive Leasing reached an agreement in principle with the staff of the FTC with respect to a tentative settlement to resolve the FTC inquiry received by the Company in July 2018, under which Progressive Leasing agreed to make a lump-sum payment of $175.0 million. At the time of the agreement, the Company treated the tentative settlement as a non-deductible regulatory charge for tax purposes and recognized tax expense.

The $175.0 million settlement was finalized and paid to the FTC in 2020. Prior to filing the Company’s 2020 income tax return, it was determined there is a reasonable basis for deducting the settlement amount on the return. However, the tax position does not meet the more-likely-than-not recognition standard and no tax benefit has been recognized in the current period. As a result, the Company has reclassified $44.7 million from taxes payable, previously recognized in December 2019, to an uncertain tax position as of September 30, 2021. Additionally, $1.6 million of accrued interest related to the uncertain tax position has been recognized as a component of income tax expense in accordance with the Company's accounting policy.

As of December 31, 2021 and 2020, the amount of uncertain tax benefits that, if recognized, would affect the effective tax rate is $46.1 million and $2.6 million, respectively, including interest and penalties.

During the years ended December 31, 2021, 2020 and 2019 the Company recognized a net expense (benefit) of $1.5 million, $(0.1) million and $0.2 million, respectively, related to penalties and interest. The Company had $1.7 million and $0.2 million of accrued interest and penalties at December 31, 2021 and 2020, respectively. The Company recognizes potential interest and penalties related to uncertain tax benefits as a component of income tax expense (benefit).

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is party to various legal and regulatory proceedings arising in the ordinary course of business. Some of the proceedings to which the Company is currently a party are described below. The Company believes it has meritorious defenses to all of the claims described below, and intends to vigorously defend against the claims. However, these proceedings are still developing and due to the inherent uncertainty in litigation, regulatory and similar adversarial proceedings, there can be no guarantee that the Company will ultimately be successful in these proceedings, or in others to which it is currently a party. Substantial losses from these proceedings or the costs of defending them may have a material adverse impact upon the Company’s business, financial position and results of operations. The Company establishes an accrued liability for legal and regulatory proceedings when it determines that a loss is both probable and the amount of the loss can be reasonably estimated. The Company continually monitors its litigation and regulatory exposure and reviews the adequacy of its legal and regulatory reserves on a quarterly basis. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. At December 31, 2021 and 2020, the Company had accrued an immaterial amount for pending legal and regulatory matters for which it believes losses are probable and the amount of the loss can be reasonably estimated. The Company records its best estimate of the loss to legal and regulatory liabilities in accounts payable and accrued expenses in the consolidated balance sheets. The Company estimates the aggregate range of reasonably possible loss in excess of accrued liabilities for such probable loss contingencies is between zero and $0.1 million. Those matters for which a probable loss cannot be reasonably estimated are not included within the estimated ranges. At December 31, 2021, the Company estimated that the aggregate range of loss for all material pending legal and regulatory proceedings for which a loss is reasonably possible, but less likely than probable (i.e., excluding the contingencies described in the preceding paragraph), is immaterial. Those matters for which a reasonable estimate is not possible are not included within estimated ranges and, therefore, the estimated ranges do not represent the Company’s maximum loss exposure. The Company’s estimates for legal and regulatory accruals, aggregate probable loss amounts and reasonably possible loss amounts, are all subject to the uncertainties and variables described above. Regulatory Inquiries In July 2018, the Company received civil investigative demands ("CIDs") from the FTC regarding disclosures related to lease-to-own and other financial products offered by the Company through the Aaron's Business and Progressive Leasing and whether such disclosures violate the Federal Trade Commission Act (the "FTC Act"). Although we believe such disclosures were in compliance with the FTC Act and have not admitted to any wrongdoing, in December 2019, Progressive Leasing reached an agreement in principle with the staff of the FTC with respect to a tentative settlement to resolve the FTC inquiry, pursuant to which Progressive would pay $175.0 million to the FTC. Because Progressive reached a tentative agreement with respect to the financial terms of the settlement in December 2019, the Company recognized a charge of $179.3 million, including $4.3 million of incurred legal fees. In January 2020, Progressive and the FTC staff agreed in principle on the terms of a related consent order which, among other matters, requires Progressive to enhance certain compliance-related activities, including monitoring, disclosure and reporting requirements. The proposed consent order was approved by the FTC on April 17, 2020 and approved by the United States District Court for the Northern District of Georgia on April 22, 2020. The Company paid the $175.0 million settlement amount to the FTC on April 27, 2020. The Company recognized $0.8 million of insurance recoveries during the year ended December 31, 2020 associated with certain legal fees incurred in connection with the FTC matter. In January 2021, the Company, along with other lease-to-own companies, received a subpoena from the California Department of Financial Protection and Innovation (the "DFPI") requesting the production of documents regarding the Company’s compliance with state consumer protection laws, including new legislation that went into effect on January 1, 2021. Although the Company believes it is in compliance with all applicable consumer financial laws and regulations in California, this inquiry may lead to an enforcement action and/or a consent order, and substantial costs, including legal fees, fines, penalties, and remediation expenses. While the Company intends to preserve defenses surrounding the jurisdiction of DFPI in this matter, it anticipates cooperating with the DFPI in responding to its inquiry. Litigation Matters In Stein v. Aaron's, Inc., et. al., filed in the United States District Court for the Southern District of New York on February 28, 2020, the plaintiffs allege that from March 2, 2018, through February 19, 2020, the Company made certain misleading public statements about the Company's business, operations, and prospects. The allegations underlying the lawsuit principally relate to the FTC's inquiry into disclosures related to lease-to-own and other financial products offered by the Company through its historical Aaron's Business and Progressive Leasing segments. The Company believes the claims are without merit and intends to vigorously defend against this lawsuit. The case has been transferred to the United States District Court for the Northern District of Georgia, where the Company has filed a motion to dismiss the case and a final briefing on that motion was filed on November 17, 2020. No ruling has been made on the motion to dismiss. Other Contingencies At December 31, 2021, the Company had non-cancelable commitments primarily related to certain consulting and information technology services agreements, software licenses, hardware and software maintenance, and minimum contractually required customer loan amounts to be originated through and acquired from Vive's third-party federally insured banks of $36.1 million. Payments under these commitments are scheduled to be $23.6 million in 2022, $9.4 million in 2023, and $3.1 million in 2024, with no amounts committed thereafter. Management regularly assesses the Company’s insurance deductibles, monitors the Company’s litigation and regulatory exposure with the Company’s attorneys and evaluates its loss experience. The Company also enters into various contracts in the normal course of business that may subject it to risk of financial loss if counterparties fail to perform their contractual obligations. Off-Balance Sheet Risk The Company, through its Vive segment, has unconditionally cancellable unfunded lending commitments totaling approximately $467.6 million and $287.3 million as of December 31, 2021 and 2020, respectively, that do not give rise to revenues and cash flows. These unfunded commitments arise in the ordinary course of business from credit card agreements with individual cardholders that give them the ability to borrow, against unused amounts, up to the maximum credit limit assigned to their account. While these unfunded amounts represent the total available unused lines of credit, the Company does not anticipate that all cardholders will utilize their entire available line at any given point in time. Commitments to extend unsecured credit are agreements to lend to a cardholder so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2021
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITY At December 31, 2021, the Company held 25,638,057 shares in its treasury and had the authority to purchase additional shares up to its remaining authorization limit of $560.9 million. On February 22, 2021, the Company's Board of Directors terminated the share repurchase program that was in effect as of December 31, 2020 and replaced it with a repurchase program that permitted the Company to repurchase up to $300.0 million of the Company's outstanding common stock. On November 3, 2021, the Company announced that its Board of Directors had authorized a new $1.0 billion share repurchase program that replaced the previous $300.0 million repurchase program. On November 4, 2021, the Company commenced a tender offer to purchase for cash up to $425 million in value of the Company's common stock at a price of not less than $44.00 per share and not more than $50.00 per share, less any applicable withholding taxes and without interest. The tender offer expired at the end of the day on December 3, 2021, and the Company subsequently accepted for payment, at a purchase price of $49.00 per share, a total of 8,673,469 shares for an aggregate cost of $425 million, excluding $3.7 million in fees and expenses relating to the tender offer. The shares repurchased through the tender offer were retired by the Company. In addition to the shares repurchased through the tender offer, the Company repurchased 2,937,709 shares of its common stock during 2021 for $142.4 million. In total, the Company repurchased 11,611,178 shares of its common stock for $567.4 million during the year ended December 31, 2021. The Company did not repurchase any of its common stock in 2020. In 2019, the Company repurchased 1,156,184 shares of its common stock for $69.3 million. As of February 22, 2022, the Company repurchased an additional 1,278,097 shares of its common stock for $52.0 million, subsequent to December 31, 2021. The holders of common stock are entitled to receive dividends and other distributions in cash or stock of the Company as and when declared by the Company's Board of Directors out of legally available funds. Certain unvested time-based restricted stock awards entitle participants to vote and accrue dividends during the vesting period. As of December 31, 2021, the Company had issued approximately 390,000 unvested restricted stock awards that contain voting rights but are not presented as outstanding on the consolidated balance sheets. The Company has 1,000,000 shares of preferred stock authorized. The shares are issuable in series with terms for each series fixed by, and such issuance subject to approval by, the Board of Directors. As of December 31, 2021, no preferred shares have been issued.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock-based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

STOCK-BASED COMPENSATION

Description of Plans

The Company grants stock options, RSUs, RSAs and PSUs to certain employees and directors of the Company under the 2015 Equity and Incentive Award Plan, and previously did so under the 2001 Stock Option and Incentive Award Plan (the "2015 Plan" and "2001 Plan"). The 2001 Plan was originally approved by the Company’s shareholders in May 2001 and was amended and restated with shareholder approval in May 2009 and discontinued with the approval of the 2015 Plan on May 6, 2015. The 2015 Plan was subsequently amended and restated with shareholder approval in February 2019. Beginning in 2015, as part of the Company’s long-term incentive compensation program ("LTIP Plan") and pursuant to the Company’s 2001 Plan and 2015 Plan, the Company granted a mix of stock options, time-based restricted stock and performance share units to key executives and managers and also granted time-based restricted stock units to directors of the Company. As of December 31, 2021, the aggregate number of shares of common stock that may be issued or transferred under the 2015 Plan is 2,558,933.

Conversion at Separation and Distribution of The Aaron's Company

In accordance with the terms of the Separation and the Employee Matters Agreement between The Aaron's Company and PROG Holdings, all unexercised, unissued and/or unvested share-based awards previously granted to Aaron's Holdings Company, Inc. employees and directors under the 2001 Plan and 2015 Plan prior to the separation and distribution date of November 30, 2020 were converted at the time of distribution to replacement stock options, RSUs, PSUs and RSAs.

The replacement awards were converted using formulas designed to preserve the intrinsic economic value of the awards after taking into consideration the distribution. Aaron's Holdings Company, Inc. employees who held unvested PSUs, and/or RSAs of Aaron's Holdings Company, Inc. on the record date of November 27, 2020 generally had the option to elect one of two conversion methods for determining the replacement awards:

i.to receive replacement awards of both PROG Holdings and The Aaron's Company for the number of whole units, rounded down to the nearest whole unit, of PROG Holdings and The Aaron's Company common stock that they would have received as a shareholder of Aaron's Holdings Company, Inc. at the date of separation, which is one share of The Aaron's Company for every two shares of PROG Holdings (i.e., "the shareholder method"); or

ii.to receive replacement awards only of the respective employer's common stock for an amount determined by a conversion ratio determined by calculating the product of the pre-distribution share price of Aaron's Holdings Company, Inc. and the pre-distribution number of awards to be cancelled and replaced pursuant to this conversion, then dividing the product by the post-distribution volume weighted adjusted three-day average share price of the respective employer's common stock, rounded down to the nearest whole share (i.e., "the employee method").

In accordance with the Employee Matters Agreement, the conversion of certain awards, including substantially all unvested and unexercised vested stock options, was required to be determined following the employee method. The conversion of RSUs held by the board of directors was required to be determined following the shareholder method.

Under both the shareholder method and the employee method, the terms and conditions of the converted awards were replicated, and, as necessary, adjusted to ensure that the vesting schedules were unchanged and the awards were converted in accordance with the Employee Matters Agreement. In connection with the conversion, certain equity awards of PROG Holdings employees and directors were converted into equity awards of The Aaron's Company and are therefore not reflected in the ending awards outstanding in the tables below; however, these awards result in stock-based compensation expense of PROG Holdings as the awards continue to vest. In connection with the conversion, certain employees and directors of The Aaron's Company have outstanding RSUs, PSUs, RSAs, and stock options in PROG Holdings, which are reflected in the ending awards outstanding in the tables below; however, these awards do not result in stock-based compensation expense of PROG Holdings for periods subsequent to the separation and distribution date.

The Company accounted for the conversion of the awards as award modifications in accordance with ASC 718, Compensation - Stock Compensation ("ASC 718"). The Company compared the fair value of the outstanding awards immediately prior to the conversion with the fair value of the outstanding awards immediately after the conversion, and determined that the conversion of equity awards held by PROG Holdings employees, corporate employees of Aaron's Holding Company, Inc., the Company's directors, and The Aaron's Company directors resulted in incremental compensation expense of $5.2 million related to outstanding vested awards. The incremental expense is classified as continuing operations and is included as a component of separation related charges in the accompanying consolidated statements of earnings for the year ended December 31, 2020. The incremental expense related to outstanding unvested awards held by PROG Holdings employees was immaterial.

Retirement-related Modifications

In connection with the separation and distribution on November 30, 2020, PROG Holdings and The Aaron's Company entered into a Transition Agreement with the former Chief Executive Officer of Aaron's Holdings Company, Inc., pursuant to which the former CEO would retire and transition to the non-employee Chairman of the Board of Directors of The Aaron's Company, effective November 30, 2020. The Transition Agreement provided that all unvested stock options, RSAs and PSUs granted to the former CEO in prior periods would become fully vested as promptly as practicable following the completion of the separation and distribution. These awards also followed the conversion methodology outlined in the "Conversion at Separation" section above, pursuant to the terms of the Employee Matters Agreement.

The terms of the Transition Agreement resulted in award modifications under ASC 718 as both the fair value and vesting conditions of the awards had been changed. The modifications resulted in incremental compensation expense of $4.5 million associated with the conversion and an additional incremental expense of $8.7 million related to the accelerated vesting of the equity awards. The total incremental expense was due to (i) increased fair value of the awards immediately after the modification as compared to immediately prior to the modifications and (ii) the accelerated vesting of all awards following the completion of the separation and distribution, which resulted in the recognition of a total $13.2 million expense during the fourth quarter of 2020. The incremental compensation expense associated with the modification of the former CEO's awards is included in continuing operations as a component of separation related charges in the accompanying consolidated statements of earnings for the year ended December 31, 2020.

Stock-based Compensation Expense

The Company has elected a policy to estimate forfeitures in determining the amount of stock compensation expense. Total stock-based compensation expense was $21.3 million, $41.2 million and $26.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. The stock-based compensation expense classified within discontinued operations in the consolidated statements of earnings was $5.4 million and $5.4 million for the years ended December 31, 2020 and 2019, respectively. The stock-based compensation expense classified within continuing operations is included as a component of operating expenses in the consolidated statements of earnings, with the exception of the incremental compensation expense in 2020 associated with the modifications described above, which were included as a component of separation related charges.

The total income tax benefit recognized in the consolidated statements of earnings for stock-based compensation arrangements was $5.5 million, $10.1 million and $6.6 million in the years ended December 31, 2021, 2020 and 2019, respectively. Benefits of tax deductions in excess of recognized compensation cost, which are included in operating cash flows and as a component of income tax expense in the consolidated statements of earnings, were $0.2 million, $2.6 million and $4.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.

As of December 31, 2021, there was $30.6 million of total unrecognized compensation expense related to non-vested stock-based compensation of directors and employees of PROG Holdings, which is expected to be recognized over an average period of 1.71 years.

Stock Options

Under the Company’s 2001 Plan, options granted become exercisable after a period of one to five years and unexercised options lapse 10 years after the date of grant. Under the Company’s 2015 Plan, options granted to date become exercisable after a period of one to three years and unexercised options lapse 10 years after the date of the grant. Unvested options are subject to forfeiture upon termination of service for both plans. The Company recognizes compensation expense for options that have a graded vesting schedule on a straight-line basis over the requisite service period. Shares are issued from the Company’s treasury shares upon share option exercises.

The Company determines the fair value of stock options on the grant date using a Black-Scholes-Merton option pricing model that incorporates expected volatility, expected option life, risk-free interest rates and expected dividend yields. The expected volatility is based on implied volatilities from traded options on the Company’s stock and the historical volatility of the Company’s common stock subsequent to the separation and distribution of The Aaron's Company in combination with the volatility of the Company's comparable peer group prior to the separation and distribution for the most recent period generally commensurate with the expected estimated life of each respective grant. The expected lives of options are based on the Company’s historical option exercise experience. The Company believes that the historical experience method is the best estimate of future exercise patterns. The risk-free interest rates are determined using the implied yield available for zero-coupon United States government issues with a remaining term equal to the expected life of the grant. The expected dividend yields are based on the approved annual dividend rate in effect and the market price of the underlying common stock at the time of grant. Beginning in 2021, the annual dividend rate is assumed to be zero, and no assumption for a future dividend rate has been included, as the Company does not currently anticipate paying any dividends.

The Company granted 150,000, 400,000 and 293,000 stock options during the years ended December 31, 2021, 2020 and 2019, respectively. The weighted-average fair value of options granted and the weighted-average assumptions used in the Black-Scholes-Merton option pricing model for such grants were as follows:


	2021			2020			2019
Dividend Yield	—		%	0.4		%	0.3		%
Expected Volatility	44.0		%	39.4		%	36.5		%
Risk-free Interest Rate	0.6		%	0.9		%	2.5		%
Expected Term (in years)	4.4			5.3			5.3
Weighted-average Fair Value of Stock Options Granted	$	17.26		$	13.48		$	19.59

The following table summarizes information about stock options outstanding at December 31, 2021:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding December 31, 2021	Weighted Average Remaining Contractual Life (in Years)	Weighted Average Exercise Price		Number Exercisable December 31, 2021	Weighted Average Exercise Price
$20.00-30.00	192,633	4.16	$	24.14	192,633	$	24.14
30.01-40.00	133,002	7.61	36.33		41,143	36.09
40.01-50.00	346,931	7.35	46.87		168,147	46.18
50.01-60.00	5,304	9.35	53.55		—	—
20.00-60.00	677,870	6.51	38.40		401,923	34.59

The table below summarizes option activity for the year ended December 31, 2021:


	Options (In Thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Thousands)		Weighted Average Fair Value
Outstanding at January 1, 2021	723	$	37.45
Granted	150	47.17
Forfeited/Expired	(115)	43.58
Exercised	(80)	38.81
Outstanding at December 31, 2021	678	38.40		6.5	$	5,359	$	13.41
Expected to Vest	268	43.89		8.6	790		15.85
Exercisable at December 31, 2021	402	34.59		5.4	4,562		11.71

The aggregate intrinsic value amounts in the table above represent the closing price of the Company’s common stock on December 31, 2021 in excess of the exercise price, multiplied by the number of in-the-money stock options as of that same date. Options outstanding that are expected to vest are net of estimated future option forfeitures.

The aggregate intrinsic value of options exercised, which represents the value of the Company’s common stock at the time of exercise in excess of the exercise price, was $1.0 million, $24.9 million and $6.5 million during the years ended December 31, 2021, 2020 and 2019, respectively. The total grant-date fair value of options exercised during the year ended December 31, 2021, 2020 and 2019 was $1.0 million, $7.8 million and $4.6 million, respectively.

Restricted Stock

Restricted stock units or restricted stock awards (collectively, "restricted stock") may be granted to employees and directors under the 2015 Plan and typically vest over approximately one to three-year periods. Restricted stock grants are settled in stock and may be subject to one or more objective employment, performance or other forfeiture conditions as established at the time of grant. The Company recognizes compensation expense for restricted stock with a graded vesting schedule on a straight-line basis over the requisite service period as restricted stock is not subject to Company performance metrics. Shares are issued from the Company’s treasury shares upon vesting. Any shares of restricted stock that are forfeited may again become available for issuance.

The fair value of restricted stock is generally based on the fair market value of the Company’s common stock on the date of grant.

The Company granted 521,000, 375,000 and 225,000 shares of restricted stock at weighted-average fair values of $44.44, $41.45 and $54.28 in the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes information about restricted stock activity during 2021:


	Restricted Stock (In Thousands)	Weighted Average Fair Value
Non-vested at January 1, 2021	460	$	37.49
Granted	521	44.44
Forfeited	(86)	49.20
Vested	(169)	43.31
Non-vested at December 31, 2021	726	43.13

The total vest-date fair value of restricted stock described above that vested during the year was $7.8 million, $10.5 million and $14.6 million in the years ended December 31, 2021, 2020 and 2019, respectively.

Performance Share Units

For performance share units, which are settled in stock, the number of shares earned is determined at the end of the one to three-year performance periods based upon achievement of specified performance conditions. The performance criteria vary by agreement and have included the following performance conditions: (i) adjusted pre-tax profit, (ii) return on investment capital, (iii) consolidated revenues, (iv) segment or business unit revenues, (v) certain business development and technology initiatives and/or (vi) business unit customer count. When the performance criteria are met, the award is earned and vests assuming continued employment through the specified service period(s). Shares are issued from the Company’s treasury shares upon vesting. The number of performance-based shares which could potentially be issued ranges from 0% up to a maximum of 100%, 200%, 260%, or 400% of the target award depending on the specified terms and conditions of the target award.

The fair value of performance share units is based on the fair market value of the Company’s common stock on the date of grant. The compensation expense associated with these awards is amortized on an accelerated basis over the vesting period based on the Company’s projected assessment of the level of performance that will be achieved and earned. In the event the Company determines it is no longer probable that the minimum performance criteria specified in the plan will be achieved, all previously recognized compensation expense is reversed in the period such a determination is made.

The following table summarizes information about performance share unit activity during 2021:


	Performance Share Units (In Thousands)	Weighted Average Fair Value
Non-vested at January 1, 2021	296	$	39.85
Granted	585	48.58
Forfeited/Unearned	(47)	42.21
Vested	(154)	43.03
Non-vested at December 31, 2021	680	47.27

The total vest-date fair value of performance share units described above that vested during the period was $7.1 million, $18.4 million and $22.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Employee Stock Purchase Plan

Effective May 9, 2018, the Company's Board of Directors and shareholders approved the Employee Stock Purchase Plan ("ESPP"), which is a tax-qualified plan under Section 423 of the Internal Revenue Code. The purpose of the Company's ESPP is to encourage ownership of the Company's common stock by eligible employees of PROG Holdings, Inc. and certain subsidiaries. Under the ESPP, eligible employees are allowed to purchase common stock of the Company during six-month offering periods at the lower of: (i) 85% of the closing trading price per share of the common stock on the first trading date of an offering period in which a participant is enrolled; or (ii) 85% of the closing trading price per share of the common stock on the last day of an offering period. Employees participating in the ESPP can contribute up to an amount not exceeding 10% of their base salary and wages up to an annual maximum of $25,000 in total fair market value of the common stock (determined at the time the ability to purchase shares of common stock is granted) and may not purchase more than 500 shares in each offering period.

The compensation cost related to the ESPP is measured on the grant date based on eligible employees' expected withholdings and is recognized over each six-month offering period. Total compensation cost recognized in connection with the ESPP was $0.4 million, $0.6 million and $0.5 million for years ended December 31, 2021, 2020 and 2019, respectively. The compensation costs attributable to continuing operations were recognized as stock-based compensation included as a component of operating expenses in the consolidated statements of earnings. The compensation cost related to the ESPP that was classified within discontinued operations in the consolidated statements of earnings was $0.3 million and $0.2 million for the years ended December 31, 2020 and 2019, respectively.

During the year ended December 31, 2021, the Company issued 38,044 shares under the ESPP at a weighted average purchase price of $39.62. During the year ended December 31, 2020, the Company issued 52,107 shares at a weighted average purchase price of $38.55. During the year ended December 31, 2019, the Company issued 46,642 shares at a purchase price of $42.07. As of December 31, 2021, the aggregate number of shares of common stock that may be issued under the ESPP was 37,270.

Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments

SEGMENTS

Description of Products and Services of Reportable Segments

As of December 31, 2021, the Company has two reportable segments: Progressive Leasing and Vive.

Progressive Leasing partners with traditional and e-commerce retailers, primarily in the furniture and appliance, jewelry, mobile phones and accessories, mattresses, and automobile electronics and accessories industries to offer a lease-purchase solution primarily for customers who may not have access to traditional credit-based financing options. It does so by offering leases with monthly, semi-monthly, bi-weekly and weekly payment models.

Vive offers a variety of second-look financing programs originated through third-party federally insured banks to customers of participating merchants and, together with Progressive Leasing, allows the Company to provide POS partners with near-prime and below-prime customers one source for financing and leasing transactions.

As discussed in Note 1 and Note 2 above, the Company spun-off its Aaron's Business segment effective November 30, 2020 through the tax-free distribution of all outstanding common stock of The Aaron's Company, Inc. to the PROG Holdings shareholders. All direct revenues and expenses of the Aaron's Business operations have been classified within discontinued operations, net of income tax, within our consolidated statements of earnings for all periods through the November 30, 2020 separation and distribution date.

As discussed in Note 3 above, on June 25, 2021, the Company completed the acquisition of Four, an innovative Buy Now, Pay Later company that allows shoppers to pay for merchandise through four interest-free installments. Four is not a reportable segment for the year ended December 31, 2021 as its revenues, loss before income taxes, and assets are not material to the Company's consolidated financial results. The revenues, loss before income taxes, and assets within "other" below is primarily comprised of the operating activities of Four.

Factors Used by Management to Identify the Reportable Segments

The Company’s reportable segments are based on the operations of the Company that the chief operating decision maker regularly reviews to analyze performance and allocate resources among business units of the Company.

Disaggregated Revenue

The following table presents revenue by source and by segment for the year ended December 31, 2021:


	Year Ended December 31, 2021
(In Thousands)	Progressive Leasing		Vive		Other		Total
Lease Revenues and Fees1	$	2,619,005	$	—	$	—	$	2,619,005
Interest and Fees on Loans Receivable2	—		58,462		453		58,915
Total	$	2,619,005	$	58,462	$	453	$	2,677,920

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Receivables.

The following table presents revenue by source and by segment for the year ended December 31, 2020:


	Year Ended December 31, 2020
(In Thousands)	Progressive Leasing		Vive		Other		Total
Lease Revenues and Fees1	$	2,443,405	$	—	$	—	$	2,443,405
Interest and Fees on Loans Receivable2	—		41,190		—		41,190
Total	$	2,443,405	$	41,190	$	—	$	2,484,595

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Receivables.

The following table presents revenue by source and by segment for the year ended December 31, 2019:


	Year Ended December 31, 2019
(In Thousands)	Progressive Leasing		Vive		Other		Total
Lease Revenues and Fees1	$	2,128,133	$	—	$	—	$	2,128,133
Interest and Fees on Loans Receivable2	—		35,046		—		35,046
Total	$	2,128,133	$	35,046	$	—	$	2,163,179

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Receivables.

Measurement of Segment Profit or Loss and Segment Assets

The Company evaluates performance and allocates resources based on revenues and earnings (loss) before income taxes from operations. The Company determines earnings (loss) before income taxes for all reportable segments in accordance with U.S. GAAP. A portion of interest expense is allocated from the Progressive Leasing segment to the Vive segment based on the balance of outstanding intercompany debt.

The Company incurred various corporate overhead expenses for certain executive management, finance, treasury, tax, audit, legal, risk management, and other overhead functions during the years ended December 31, 2021, 2020, and 2019. For 2021, corporate overhead expenses incurred are primarily reflected as expenses of the Progressive Leasing segment and an immaterial amount was allocated to the Vive segment. For 2020 and 2019, the Company allocated a predetermined portion of these corporate overhead costs to the Progressive Leasing and Vive segments, which are reflected as expenses of these segments in calculating the earnings before income taxes for these periods. The remaining unallocated corporate expenses represent corporate overhead costs that were previously assigned to the Aaron's Business segment and are in addition to the overhead costs allocated to the Progressive Leasing and Vive segments for 2020 and 2019. These unallocated corporate overhead expenses have been classified as continuing operations since the costs were not directly attributable to the discontinued operations of the Aaron's Business. These costs are reflected below as unallocated corporate expenses in 2020 and 2019. The allocation of corporate overhead costs to the Progressive Leasing and Vive segments is consistent with how the chief operating decision maker analyzed performance and allocated resources among the segments of the Company during 2020 and 2019.


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Earnings From Continuing Operations Before Income Tax Expense:
Progressive Leasing	$	319,125	$	320,636	$	64,283
Vive	20,225		(11,180)		(6,127)
Other	(11,146)		—		—
Unallocated Corporate Expenses	—		(37,880)		(30,543)
Total Earnings From Continuing Operations Before Income Tax Expense	$	328,204	$	271,576	$	27,613


	December 31,
(In Thousands)	2021		2020
Assets:
Progressive Leasing	$	1,445,612	$	1,209,650
Vive	149,628		107,754
Other	26,521		—
Total Assets	$	1,621,761	$	1,317,404


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Depreciation and Amortization1:
Progressive Leasing	$	31,762	$	30,547	$	29,967
Vive	849		1,273		1,385
Other	647		—		—
Total Depreciation and Amortization	$	33,258	$	31,820	$	31,352

Depreciation of Lease Merchandise:
Progressive Leasing	$	1,820,010	$	1,690,922	$	1,445,027
Vive	—		—		—
Other	—		—		—
Total Depreciation of Lease Merchandise	$	1,820,010	$	1,690,922	$	1,445,027

Interest Expense2:
Progressive Leasing	$	4,850	$	187	$	—
Vive	473		—		—
Other	—		—		—
Total Interest Expense	$	5,323	$	187	$	—

Capital Expenditures:
Progressive Leasing	$	8,101	$	6,403	$	12,608
Vive	819		405		424
Other	635		—		—
Total Capital Expenditures	$	9,555	$	6,808	$	13,032

1 Excludes depreciation of lease merchandise, which is not included in the chief operating decision maker's measure of depreciation and amortization.

2 The Company incurred a pre-tax loss on extinguishment of $4.1 million in connection with the repayment of the outstanding borrowings, which is classified within discontinued operations in the consolidated statements of earnings for the year ended December 31, 2020. As repayment of the prior revolving credit and term loan borrowings and prior senior unsecured notes was required under the terms of the loan agreements in the event of a fundamental change to the Company, we have classified the loss on extinguishment and the related historical interest expense of $9.9 million and $17.0 million during the years ended December 31, 2020 and 2019, respectively, within (loss) earnings from discontinued operations, net of income tax in the consolidated statements of earnings.

In 2020, the results of the Company's operating segments were impacted by the following items:

•Progressive Leasing earnings before taxes were impacted by $2.4 million related primarily to stock-based compensation expense associated with the modification of outstanding equity awards and executive retirement charges related to the separation and distribution transaction for employees directly associated with Progressive Leasing.

•Unallocated corporate expenses before taxes were impacted by $15.6 million related primarily to stock-based compensation expense associated with the modification of outstanding equity awards and executive retirement charges related to the separation and distribution transaction.

In 2019, the results of the Company’s operating segments were impacted by the following items:

•Progressive Leasing earnings before taxes were impacted by $179.3 million in regulatory charges and legal expenses, including a $175.0 million settlement charge, incurred related to Progressive Leasing's settlement of the FTC matter discussed in Note 11 to these consolidated financial statements.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Compensation Arrangements	12 Months Ended
Compensation Arrangements	Dec. 31, 2021
Retirement Benefits [Abstract]
Compensation Arrangements	COMPENSATION ARRANGEMENTS Deferred Compensation The Company maintains a Deferred Compensation Plan, which is an unfunded, nonqualified deferred compensation plan for a select group of management, highly compensated employees and non-employee directors. On a pre-tax basis, eligible employees can defer receipt of up to 75% of their base compensation and up to 75% of their incentive pay compensation, and eligible non-employee directors can defer receipt of up to 100% of their cash director fees. In connection with the separation and distribution, The Aaron's Company established a separate deferred compensation plan for its employees and assumed all assets and liabilities related to its employees from the PROG Holdings deferred compensation plan. Compensation deferred under the plan is recorded as a deferred compensation liability, which is recorded in accounts payable and accrued expenses in the consolidated balance sheets. The deferred compensation plan liability was $2.4 million and $1.7 million as of December 31, 2021 and 2020, respectively. Liabilities under the plan are recorded at amounts due to participants, based on the fair value of participants’ selected investments, which consist of equity and debt "mirror" funds. The obligations are unsecured general obligations of the Company and the participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company has established a rabbi trust to fund obligations under the plan, primarily with cash and money market funds. The value of the assets within the rabbi trust was $2.3 million and $2.0 million as of December 31, 2021 and 2020, respectively, and is included in prepaid expenses and other assets in the consolidated balance sheets. Benefits paid to employees of the Company were not material during the years ended December 31, 2021, 2020 and 2019. Effective January 1, 2018, the Company implemented a discretionary match within the nonqualified Deferred Compensation Plan. The match allows eligible employees to receive 100% matching by the Company on the first 3% of contributions and 50% on the next 2% of contributions for a total of a 4% match. The annual match for an individual employee is not to exceed $11,600, $11,400, and $11,200 in 2021, 2020, and 2019, respectively, and is subject to a three-year cliff vesting schedule. Deferred compensation expense related to the Company’s matching contributions was not material during the years ended December 31, 2021, 2020 and 2019. 401(k) Defined Contribution Plan The Company maintains a 401(k) savings plan for all its full-time employees who meet certain eligibility requirements. Effective January 1, 2015, the 401(k) savings plan was amended to allow employees to contribute up to 75% of their annual compensation in accordance with federal contribution limits with 100% matching by the Company on the first 3% of compensation and 50% on the next 2% of compensation for a total of a 4% match. The Company’s expense related to the plan was $2.5 million in 2021, $2.5 million in 2020 and $2.2 million in 2019. Employee Stock Purchase Plan See Note 13 to these consolidated financial statements for more information regarding the Company's compensatory ESPP.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Description of Business	Description of Business PROG Holdings, Inc. ("we," "our," "us," the "Company," or "PROG Holdings") is a financial technology holding company that provides leading financial solutions to empower consumers and retailers. PROG Holdings has two reportable segments: (i) Progressive Leasing, an e-commerce, app-based, and in-store point-of-sale lease-to-own solutions provider; and (ii) Vive Financial ("Vive"), an omnichannel provider of second-look revolving credit products. Our Progressive Leasing segment provides consumers with lease-purchase solutions through its point-of-sale partner locations and e-commerce websites partners in the United States (collectively, "POS partners"). It does so by purchasing merchandise from the POS partners desired by customers and, in turn, leasing that merchandise to the customers through a cancellable lease-to-own transaction. Progressive Leasing has no stores of its own, but rather offers lease-purchase solutions to the customers of traditional and e-commerce retailers. Our Vive segment primarily serves customers that may not qualify for traditional prime lending offers who desire to purchase goods and services from participating merchants. Vive offers customized programs, with services that include revolving loans through private label and Vive-branded credit cards. Vive's current network of POS partner locations and e-commerce websites includes furniture, mattresses, home exercise equipment, and home improvement retailers, as well as medical and dental service providers. On June 25, 2021, the Company completed the acquisition of Four Technologies, Inc. ("Four"), an innovative Buy Now, Pay Later company that allows shoppers to pay for merchandise through four interest-free installments. Four’s proprietary platform capabilities and its base of customers and retailers expand PROG Holdings’ ecosystem of financial technology offerings by introducing a payment solution that further diversifies the Company's consumer financial technology offerings. Shoppers use Four to purchase furniture, clothing, electronics, health and beauty products, footwear, jewelry, and other consumer goods from retailers across the United States. Four is not a reportable segment for the year ended December 31, 2021 as its revenues, loss before income taxes, and assets are not material to the Company's consolidated financial results. See Note 3 for further discussion on the acquisition. On November 30, 2020, PROG Holdings, Inc. (previously Aaron's Holdings Company, Inc.) completed the separation of its Aaron's Business segment from its Progressive Leasing and Vive segments. The separation was effected through a tax-free distribution of all outstanding shares of common stock of The Aaron's Company, Inc. ("The Aaron's Company") to the PROG Holdings shareholders of record as of the close of business on November 27, 2020 (referred to as the "separation and distribution transaction"). All direct revenues and expenses of the Aaron's Business are presented as discontinued operations for all periods through the separation and distribution date of November 30, 2020. The cash flows related to the Aaron's Business have not been segregated and are included in the consolidated statements of cash flows for the years ended December 31, 2020 and 2019. With the exception of Note 2, the notes to the consolidated financial statements reflect the continuing operations of PROG Holdings. See Note 2 below for additional information regarding discontinued operations.
Basis of Presentation	Basis of Presentation The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management does not believe these estimates or assumptions will change significantly in the future absent unidentified and unforeseen events, such as the direct or indirect impacts associated with the COVID-19 pandemic.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of PROG Holdings, Inc. and its subsidiaries, each of which is wholly-owned. Intercompany balances and transactions between consolidated entities have been eliminated.
Revenue Recognition	Revenue Recognition Lease Revenues and Fees Progressive Leasing provides merchandise, consisting primarily of furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, automobile electronics and accessories, and a variety of other products, to its customers for lease under terms agreed to by the customer. Progressive Leasing offers customers of traditional and e-commerce retailers a lease-purchase solution through leases with payment terms that can generally be renewed up to 12 months. Progressive Leasing does not require deposits upon inception of customer agreements. The customer has the right to acquire ownership either through early buyout options or through payment of all required lease payments. The agreements are cancellable at any time by either party without penalty. All of Progressive Leasing's customer agreements are considered operating leases. The Company maintains ownership of the lease merchandise until all payment obligations are satisfied under the lease ownership agreements. Initial lease payments made by the customer upon lease execution are recognized as deferred revenue and are amortized as lease revenue over the estimated lease term on a straight-line basis. All other customer lease billings are earned prior to the lease payment due date and are recorded net of related sales taxes as earned. Payment due date terms include weekly, bi-weekly, semi-monthly and monthly frequencies. Initial lease payments and other cash collected in advance of being due or earned are recognized as deferred revenue within customer deposits and advance payments in the accompanying consolidated balance sheets. Revenue recorded prior to the payment due date results in unbilled receivables recognized in accounts receivable, net of allowances in the accompanying consolidated balance sheets. Lease revenues are recorded net of a provision for uncollectible renewal payments. Initial direct costs related to lease purchase agreements are capitalized as incurred and amortized as operating expense over the estimated lease term. The capitalized costs have been classified within prepaid expenses and other assets in the accompanying consolidated balance sheets.
Interest and Fees on Loans Receivable	Interest and Fees on Loans Receivable Interest and fees on loans receivable is primarily generated from our Vive segment. Vive extends or declines credit to an applicant through its bank partners based upon the applicant’s credit rating and other factors. Qualifying applicants receive a credit card to finance their initial purchase and to use in subsequent purchases at the merchant or other participating merchants for an initial 24-month period, which Vive may renew if the cardholder remains in good standing. Vive acquires the loan receivable from its third-party bank partners at a discount from the face value of the loan. The discount is comprised of a merchant fee discount and a promotional fee discount, if applicable. The merchant fee discount represents a pre-negotiated, nonrefundable discount that generally ranges from 3% to 25% of the loan face value. The discount is designed to cover the risk of loss related to the portfolio of cardholder charges and Vive’s direct origination costs. The merchant fee discount and origination costs are presented net on the consolidated balance sheets in loans receivable. Cardholders generally have an initial 24-month period that the card is active. The merchant fee discount, net of the origination costs, is amortized on a net basis and is recorded as interest and fee revenue on loans receivable in the consolidated statements of earnings on a straight-line basis over the initial 24-month period. The discount from the face value of the loan on the acquisition of the loan receivable from the merchant through the third-party bank partners may also include a promotional fee discount, which generally ranges from 1% to 8%. The promotional fee discount is intended to compensate the holder of the loan receivable (i.e., Vive) for deferred or reduced interest rates that are offered to the cardholder for a specified period on the outstanding loan balance (generally for six, 12 or 18 months). The promotional fee discount is amortized as interest and fee revenue on loans receivable in the consolidated statements of earnings on a straight-line basis over the promotional interest period (i.e., over six, 12 or 18 months, depending on the promotion). The unamortized promotional fee discount is presented net on the consolidated balance sheets in loans receivable. The customer is typically required to make monthly minimum payments of at least 3.5% of the outstanding loan balance, which includes outstanding interest. Fixed and variable interest rates, typically 27% to 35.99%, are compounded daily for cards that do not qualify for deferred or reduced interest promotional periods. Interest income, which is recognized based upon the amount of the loans outstanding, is recognized as interest and fees on loans receivable when earned if collectibility is reasonably assured. For credit cards that provide deferred interest, if the balance is not paid off during the promotional period or if the cardholder defaults, interest is billed to the customers at standard rates and the cumulative amount owed is charged to the cardholder account in the month that the promotional period expires. For credit cards that provide reduced interest, if the balance is not paid off during the promotional period, interest is billed to the cardholder at standard rates in the month that the promotional period expires or when the cardholder defaults. The Company recognizes interest revenue during the promotional period based on its historical experience related to cardholders that fail to pay off balances during the promotional period if collectibility is reasonably assured. Annual fees are charged to cardholders at the commencement of the loan and on each subsequent anniversary date. Annual fees are deferred and recognized into revenue on a straight-line basis over a one-year period. Under the provisions of the credit card agreements, Vive also may assess fees for missed or late payments, which are recognized as revenue in the billing period in which they are assessed if collectibility is reasonably assured. Annual fees and other fees are recognized as interest and fee revenue on loans receivable in the consolidated statements of earnings.
Lease Merchandise	Lease Merchandise Progressive Leasing's merchandise consists primarily of furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, automobile electronics and accessories, and a variety of other products, and is recorded at the lower of depreciated cost or net realizable value. Progressive Leasing depreciates lease merchandise to a 0% salvage value generally over 12 months. Depreciation is accelerated upon early buyout. All of Progressive Leasing's merchandise, net of accumulated depreciation and allowances, represents on-lease merchandise. The Company records a provision for write-offs using the allowance method. The allowance method for lease merchandise write-offs estimates the merchandise losses incurred but not yet identified by management as of the end of the accounting period based on historical write-off experience. Other qualitative factors, such as current and forecasted customer payment trends, are considered in estimating the allowance. We believe government stimulus measures in 2020 and the first half of 2021 contributed to the favorable payment trends we experienced following those measures. Given the significant uncertainty regarding the impacts of increasing inflation and the COVID-19 pandemic on our business, a high level of estimation was involved in determining the allowance as of December 31, 2021. Actual lease merchandise write-offs may differ materially from the allowance as of December 31, 2021. If the recent increase in inflation continues in future periods, such a development may adversely impact our customers' ability to continue to make payments to us. For customer lease agreements that are past due, the Company's policy is to write-off lease merchandise after 120 days.
Advertising	Advertising The Company expenses advertising costs as incurred. Total advertising costs amounted to $17.5 million, $6.6 million and $7.0 million for the years ended December 31, 2021, 2020 and 2019, respectively, and are classified within operating expenses in the consolidated statements of earnings.
Stock-Based Compensation	Stock-Based CompensationThe Company has stock-based employee compensation plans, which are more fully described in Note 13 to these consolidated financial statements. The Company estimates the fair value for the options granted on the grant date using a Black-Scholes-Merton option-pricing model. The fair value of each share of restricted stock units ("RSUs"), restricted stock awards ("RSAs") and performance share units ("PSUs") awarded is equal to the market value of a share of the Company’s common stock on the grant date. The Company estimates the fair value of awards issued under the Company's employee stock purchase plan ("ESPP") using a series of Black-Scholes pricing models that consider the components of the "lookback" feature of the plan, including the underlying stock, call option and put option. The design of awards issued under the Company's ESPP is described in more detail in Note 13 to these consolidated financial statements.
Deferred Income Taxes	Deferred Income Taxes Deferred income taxes represent primarily temporary differences between the amounts of assets and liabilities for financial and tax reporting purposes. The Company’s largest temporary differences arise principally from the use of accelerated depreciation methods on lease merchandise for tax purposes.
Earnings (Loss) Per Share	Earnings (Loss) Per ShareEarnings per share is computed by dividing net earnings (loss) by the weighted average number of shares of common stock outstanding during the period. The computation of earnings per share assuming dilution includes the dilutive effect of stock options, RSUs, RSAs, PSUs and awards issuable under the Company's ESPP (collectively, "share-based awards") as determined under the treasury stock method.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company classifies highly liquid investments with maturity dates of three months or less when purchased as cash equivalents. The Company maintains its cash and cash equivalents in a limited number of banks. Bank balances typically exceed coverage provided by the Federal Deposit Insurance Corporation. However, due to the size and strength of the banks in which the balances are held, any exposure to loss is believed to be minimal.
Accounts Receivable	Accounts Receivable Accounts receivable consist primarily of receivables due from customers of Progressive Leasing and amounted to $66.3 million and $61.3 million, net of allowances, as of December 31, 2021 and 2020, respectively. The Company maintains an accounts receivable allowance, which primarily relates to its Progressive Leasing operations and, to a lesser extent, receivables from Vive's POS partners. The Company’s policy is to record an allowance for uncollectible renewal payments based on historical collection experience. Other qualitative factors are considered in estimating the allowance, such as current and forecasted customer payment trends including, but not limited to, the potential unfavorable impacts of the COVID-19 pandemic on our businesses. We believe government stimulus measures in 2020 and the first half of 2021 contributed to the favorable payment trends we experienced following those measures. Given the significant uncertainty regarding the impacts of increasing inflation and the COVID-19 pandemic on our business, a high level of estimation was involved in determining the allowance as of December 31, 2021. Therefore, actual future accounts receivable write-offs may differ materially from the allowance. If the recent increase in inflation continues in future periods, such a development may adversely impact our customers' ability to continue to make payments to us. The provision for uncollectible renewal payments is recorded as a reduction of lease revenues and fees within the consolidated statements of earnings. For customer lease agreements that are past due, the Company's policy is to write-off lease receivables after 120 days. Vive's allowance for uncollectible merchant accounts receivable, which primarily related to cardholder returns and refunds, is recorded as bad debt expense within operating expenses in the consolidated statements of earnings. See below for discussion of Vive's loans receivable and related allowance for loan losses.
Loans Receivable, Net	Loans Receivable, Net Gross loans receivable represents the principal balances of credit card charges at Vive's participating merchants that remain due from cardholders, plus unpaid interest and fees due from cardholders. The allowance and unamortized fees represent uncollectible amounts; merchant fee discounts, net of capitalized origination costs; promotional fee discounts; and deferred annual card fees. As of December 31, 2021, loans receivable, net also includes outstanding receivables from customers of Four. Economic conditions and loan performance trends are closely monitored to manage and evaluate exposure to credit risk. Trends in delinquency rates are an indicator of credit risk within the loans receivable portfolio, including the migration of loans between delinquency categories over time. Charge-off rates represent another indicator of the potential for future credit losses. The risk in the loans receivable portfolio is correlated with broad economic trends, such as current and projected unemployment rates, stock market volatility, and changes in medium and long-term risk-free rates, which are considered in determining the allowance for loan losses and can have a material effect on credit performance. Effective January 1, 2020 with the adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("CECL"), as discussed within "Recent Accounting Pronouncements" below, expected lifetime losses on loans receivable are recognized upon loan acquisition, which requires the Company to make its best estimate of probable lifetime losses at the time of acquisition. Our credit card loans do not have contractually stated maturity dates, which requires the Company to estimate an average life of loan by analyzing historical payment trends to determine an expected remaining life of the loan balance. The Company segments its loans receivable portfolio into homogenous pools by Fair Isaac and Company ("FICO") score and by delinquency status and evaluates loans receivable collectively for impairment when similar risk characteristics exist. The Company calculates Vive's allowance for loan losses based on internal historical loss information and incorporates observable and forecasted macroeconomic data over a twelve-month reasonable and supportable forecast period. Incorporating macroeconomic data could have a material impact on the measurement of the allowance to the extent that forecasted data changes significantly, such as higher forecasted unemployment rates and the observed significant market volatility associated with the COVID-19 pandemic. For any periods beyond the twelve-month reasonable and supportable forecast period described above, the Company reverts to using historical loss information on a straight-line basis over a period of six months and utilizes historical loss information for the remaining life of the portfolio. The Company may also consider other qualitative factors in estimating the allowance, as necessary. For the purposes of determining the allowance as of December 31, 2021, management considered other qualitative factors such as the beneficial impact of government stimulus measures to our customer base that were not fully factored into the macroeconomic forecasted data. We believe those stimulus measures may have contributed to the favorable cardholder payment trends experienced at Vive in 2020 and 2021. The allowance for loan losses is maintained at a level considered appropriate to cover expected future losses of principal, interest and fees on active loans in the loans receivable portfolio. The appropriateness of the allowance is evaluated at each period end. If the recent increase in inflation continues in future periods, such a development may adversely impact our customers' ability to continue to make payments to us. To the extent that actual results differ from estimates of uncollectible loans receivable, including the significant uncertainties caused by increasing inflation and the COVID-19 pandemic, the Company's results of operations and liquidity may be materially affected. Vive's delinquent loans receivable includes those that are 30 days or more past due based on their contractual billing dates. In response to the COVID-19 pandemic, the Company has granted affected Vive customers payment deferrals while allowing them to maintain their delinquency status for an additional 30 days per deferral. Vive's loans receivable are placed on nonaccrual status when they are greater than 90 days past due or upon notification of cardholder bankruptcy, death or fraud. The Company discontinues accruing interest and fees and amortizing merchant fee discounts and promotional fee discounts for Vive's loans receivable in nonaccrual status. Loans receivable are removed from nonaccrual status when cardholder payments resume, the loan becomes 90 days or less past due and collection of the remaining amounts outstanding is deemed probable. Payments received on nonaccrual loans are allocated according to the same payment hierarchy methodology applied to loans that are accruing interest. Loans receivable are charged off no later than the end of the following month after the billing cycle in which the loans receivable become 120 days past due. Vive extends or declines credit to an applicant through its bank partners based upon the applicant’s credit rating and other factors.
Property, Plant and Equipment	Property, Plant and Equipment The Company records property, plant and equipment at cost. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the respective assets, which range from three to 12 years for leasehold improvements and from one to seven years for other depreciable property and equipment. Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful life of the software, which ranges from five to 10 years. The Company primarily develops software for use in its Progressive Leasing and Vive operations. The Company uses an agile development methodology in which feature-by-feature updates are made to its software. Certain costs incurred during the application development stage of an internal-use software project are capitalized when management, with the relevant authority, authorizes and commits to funding a feature update and it is probable that the project will be completed and the software will be used to perform the function intended. Capitalization of costs ceases when the feature update is substantially complete and ready for its intended use. All costs incurred during preliminary project and post-implementation project stages are expensed appropriately. Generally, the life cycle for each feature update implementation is one month. Gains and losses related to dispositions and retirements are recognized as incurred. Maintenance and repairs are also expensed as incurred, and leasehold improvements are capitalized and amortized over the lesser of the lease term or the asset's useful life. Depreciation expense for property, plant and equipment is included in operating expenses in the accompanying consolidated statements of earnings and was $11.0 million, $9.7 million and $9.1 million during the years ended December 31, 2021, 2020 and 2019, respectively. Amortization of previously capitalized internal use software development costs, which is a component of depreciation expense for property, plant and equipment, was $4.9 million, $3.4 million and $2.9 million during the years ended December 31, 2021, 2020 and 2019, respectively. The Company assesses its long-lived assets other than goodwill and other indefinite-lived intangible assets for impairment whenever facts and circumstances indicate that the carrying amount may not be fully recoverable. If it is determined that the carrying amount of an asset is not recoverable, the Company compares the carrying amount of the asset to its fair value as estimated using discounted expected future cash flows, market values or replacement values for similar assets. The amount by which the carrying amount exceeds the fair value of the asset, if any, is recognized as an impairment loss.
Goodwill	Goodwill Goodwill represents the excess of the purchase price paid over the fair value of the identifiable net tangible and intangible assets acquired in connection with business acquisitions. Progressive Leasing and Four are the only reporting units with goodwill. Impairment occurs when the carrying amount of goodwill is not recoverable from future cash flows. The Company’s goodwill is not amortized but is subject to an impairment test at the reporting unit level annually as of October 1 and more frequently if events or circumstances indicate that impairment may have occurred. Factors which could necessitate an interim impairment assessment include a sustained decline in the Company’s stock price, prolonged negative industry or economic trends and significant underperformance relative to historical results, projected future operating results, or the Company fails to successfully execute on one or more elements of Progressive Leasing and/or Four's strategic plans. The Company performed a qualitative assessment for the goodwill of Progressive Leasing and Four as of October 1, 2021 and concluded that no impairment had occurred. The Company determined that there were no events or circumstances that changed in the fourth quarter of 2021 that would more likely than not reduce the fair value of Progressive Leasing or Four below their carrying amounts.
Other Intangibles	Other Intangibles Other intangibles represent identifiable intangible assets acquired as a result of the Progressive Leasing, Vive and Four acquisitions, which the Company recorded at the estimated fair value as of the respective acquisition dates. The Company amortized the definite-lived intangible assets acquired as a result of the Vive acquisition on a straight-line basis over five years. The Company amortizes the definite-lived intangible assets acquired as a result of the Progressive Leasing and Four acquisitions on a straight-line basis over periods ranging from two to 12 years for technology, Four's trade name, and merchant relationships. Indefinite-lived intangible assets represent the value of the trade name acquired as part of the Progressive Leasing acquisition. At the date of acquisition, the Company determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful life of the trade name intangible asset and, therefore, the useful life is considered indefinite. The Company reassesses this conclusion quarterly and continues to believe the useful life of this asset is indefinite. Indefinite-lived intangible assets are not amortized but are subject to an impairment test annually and when events or circumstances indicate that impairment may have occurred. The Company performs the impairment test for its indefinite-lived intangible assets on October 1 in conjunction with its annual goodwill impairment test. The Company completed its indefinite-lived intangible asset impairment test as of October 1, 2021 and concluded that no impairment had occurred.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3—Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The Company measures a liability related to its non-qualified deferred compensation plan, which represents benefits accrued for plan participants and is valued at the quoted market prices of the participants’ investment elections, at fair value on a recurring basis. The Company maintains certain financial assets and liabilities that are not measured at fair value but for which fair value is disclosed. The fair values of the Company’s other current financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable, approximate their carrying values due to their short-term nature. The fair value of any revolving credit borrowings also approximate their carrying amounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("CECL"). The main objective of the update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by companies at each reporting date. For trade and other receivables, held to maturity debt securities and other instruments, companies will be required to use a new forward-looking "expected losses" model that generally will result in the recognition of allowances for losses earlier than under the historical accounting guidance. The Company's operating lease activities within Progressive Leasing are not impacted by ASU 2016-13, as operating lease receivables are not in the scope of the CECL standard. The Company was impacted by ASU 2016-13 within its Vive segment because the standard requires earlier recognition of estimated credit losses in the consolidated statements of earnings. Although the CECL standard requires the estimated credit losses to be recognized at the time of loan origination, the related merchant fee discount continues to be amortized as interest and fee revenue on a straight-line basis over the initial 24-month period that the card is active. Therefore, on a loan-by-loan basis, the CECL standard results in higher losses recognized upon loan origination for the estimated credit losses, generally followed by higher net earnings as the related merchant fee discount is amortized to interest and fee revenue, and as interest revenue is accrued and earned on the outstanding loan. Although the CECL standard results in earlier recognition of credit losses in the statements of earnings, there are no changes related to the loan cash flows or the fundamental economics of the business. The Company adopted ASU 2016-13 on a modified retrospective basis during the first quarter of 2020, resulting in a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The application of this transition method resulted in a cumulative-effect non-cash adjustment of $6.7 million, representing a decrease to the Company's January 1, 2020 retained earnings, net of tax. This adjustment was primarily due to the recognition of a $9.5 million increase to the allowance for loan losses as a result of adopting the new CECL standard. The Company has finalized its internal controls and accounting policies related to the CECL standard, which were in place as of January 1, 2020. Pending Adoption In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The standard provides temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the London Interbank Overnight ("LIBO") rate. Entities may apply the provisions of the new standard as of the beginning reporting period when the election is made. The provisions of the update are available to contracts entered into before January 1, 2023, when the reference rate replacement activity is expected to be completed. The Company's Revolving Facility currently references the LIBO rate for determining interest payable on outstanding borrowings. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts referencing the LIBO rate. The new guidance provides an expedient which simplifies accounting analyses under current GAAP for contract modifications if the change is directly related to a change from the LIBO rate to a new interest rate index. The Company is continuing to evaluate the provisions of ASU 2020–04 and the impacts of transitioning to an alternative rate; however, we do not expect it to have a material impact to the Company's consolidated financial statements or to any key terms of our Revolving Facility other than the discontinuation of the LIBO rate.

Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Allowance for Lease Merchandise

The following table shows the components of the allowance for lease merchandise write-offs, which is included within lease merchandise, net in the consolidated balance sheets:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Beginning Balance	$	45,992	$	47,362	$	35,784
Net Book Value of Merchandise Written off	(128,031)		(142,830)		(156,889)
Recoveries	9,422		10,128		14,951
Provision for Write-offs	126,984		131,332		153,516
Ending Balance	$	54,367	$	45,992	$	47,362

Calculation of Dilutive Stock Awards

The following table shows the calculation of dilutive share-based awards:


	Year Ended December 31,
(Shares In Thousands)	2021	2020	2019
Weighted Average Shares Outstanding	66,026	67,261	67,322
Dilutive Effect of Share-Based Awards	390	761	—
Weighted Average Shares Outstanding Assuming Dilution	66,416	68,022	67,322

Allowance for Doubtful Accounts

The following table shows the components of the accounts receivable allowance:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Beginning Balance	$	56,364	$	65,573	$	53,159
Net Book Value of Accounts Written Off	(247,789)		(278,576)		(290,562)
Recoveries	37,914		46,010		26,734
Accounts Receivable Provision	224,744		223,357		276,242
Ending Balance	$	71,233	$	56,364	$	65,573

The following table shows the amounts recognized for bad debt expense and provision for returns and uncollected payments for the fiscal years presented:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Bad Debt Expense1	$	2	$	86	$	1,337
Provision for Uncollected Renewal Payments2	224,742		223,271		274,905
Accounts Receivable Provision	$	224,744	$	223,357	$	276,242

1 Bad debt expense is recorded within operating expenses in the consolidated statements of earnings.

2 Provision for uncollected renewal payments is recorded as a reduction to lease revenues and fees in the consolidated statements of earnings.

Loan Portfolio Credit Quality Indicators

Below is a summary of the credit quality of the Company’s loan portfolio as of December 31, 2021 and 2020 by FICO score as determined at the time of loan origination:


	December 31,
FICO Score Category	2021		2020
600 or Less	7.7	%	7.5	%
Between 600 and 700	78.0	%	79.3	%
700 or Greater	12.7	%	13.2	%
No Score Identified	1.6	%	—	%

The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:


(In Thousands)
As of December 31, 2021	2021		2020		2019		2018		2017		Prior		Total
FICO Score Category:
600 or Less	$	9,353	$	2,459	$	700	$	209	$	35	$	29	$	12,785
Between 600 and 700	86,487		25,350		7,506		2,409		1,667		1,524		124,943
700 or Greater	14,886		3,146		737		432		248		388		19,837
No Score Identified	2,539		—		—		—		—		—		2,539
Total Amortized Cost	$	113,265	$	30,955	$	8,943	$	3,050	$	1,950	$	1,941	$	160,104

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


	December 31,
(In Thousands)	2021		2020
Prepaid Expenses	$	28,283	$	19,590
Prepaid Software Expenses	7,102		3,440
Unamortized Initial Direct Costs on Lease Agreement Originations	5,326		4,986
Prepaid Insurance	40		3,639
Other Assets	7,446		7,899
Prepaid Expenses and Other Assets	$	48,197	$	39,554

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


	December 31,
(In Thousands)	2021		2020
Accounts Payable	$	13,741	$	8,630
Accrued Salaries and Benefits	25,861		18,120
Accrued Sales and Personal Property Taxes	14,851		12,933
Income Taxes Payable	2,782		18,183
Uncertain Tax Position1	48,451		2,748
Other Accrued Expenses and Liabilities	30,268		17,635
Accounts Payable and Accrued Expenses	$	135,954	$	78,249

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes the major classes of line items constituting (loss) earnings of our Aaron's Business segment, which are included within the (loss) earnings from discontinued operations, net of income tax, in the consolidated statements of earnings and the operating and investing cash flows of the discontinued operations.


	11 Months Ended November 30,		Year Ended December 31,
(In Thousands)	2020		2019
Revenues	$	1,591,217	$	1,784,477
Operating (Loss) Profit	(381,244)		78,261
(Loss) Earnings from Discontinued Operations Before Income Tax1	(393,415)		65,175
Income Tax (Benefit) Expense from Discontinued Operations	(98,323)		9,088
(Loss) Earnings from Discontinued Operations, Net of Income Tax	$	(295,092)	$	56,087

Cash Flows:
Cash Provided by Operating Activities - Discontinued Operations	$	193,319	$	172,314
Cash Used in Investing Activities - Discontinued Operations	$	(64,508)	$	(76,187)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table provides the preliminary and final adjusted fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date. The acquisition accounting adjustments are final as of December 31, 2021 and did not have a significant impact on the consolidated financial statements.


(In Thousands)	Amounts Recognized as of Acquisition Date (June 25, 2021)1		Acquisition Accounting Adjustments2		Amounts Recognized as of Acquisition Date (As Adjusted)
Aggregate Purchase Price	$	23,465	$	(771)	$	22,694
Fair Value of Identifiable Assets Acquired and Liabilities Assumed
Cash and Cash Equivalents	530		(196)		334
Loans Receivable3	1,030		(421)		609
Property, Plant and Equipment	210		(12)		198
Other Intangibles	5,173		—		5,173
Prepaid Expenses and Other Assets	48		(9)		39
Total Identifiable Assets Acquired	6,991		(638)		6,353
Accounts Payable and Accrued Expenses	(77)		(155)		(232)
Deferred Income Tax Liability	(1,275)		437		(838)
Total Liabilities Assumed	(1,352)		282		(1,070)
Goodwill	17,826		(415)		17,411
Net Assets Acquired	$	23,465	$	(771)	$	22,694

1 As previously reported in the notes to the condensed consolidated financial statements as of June 30, 2021.

3 The gross contractual unpaid principal of acquired loans receivable was $1.1 million and we expect to collect $0.6 million.

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The intangible assets attributable to the acquisition are comprised of the following:


	Fair Value (In Thousands)		Weighted Average Life (In Years)
Acquired Technology	$	4,000	5.0
Trade Name	587		5.0
Merchant Relationships	586		2.0
Total Acquired Intangibles Assets1	$	5,173

1Acquired definite-lived intangible assets have a total weighted average life of 4.7 years.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The following table summarizes information related to indefinite-lived intangible assets at December 31:


	December 31,
(In Thousands)	2021		2020
Trade Name	$	53,000	$	53,000
Goodwill1	306,212		288,801
Indefinite-lived Intangible Assets	$	359,212	$	341,801

1 As of December 31, 2021, the amount of goodwill related to Progressive Leasing and Four was $288.8 million and $17.4 million, respectively.

Summary of Identifiable Intangible Assets

The following table summarizes information related to definite-lived intangible assets at December 31:


	2021						2020
(In Thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Acquired Internal-Use Software	$	14,000	$	(14,000)	$	—	$	14,000	$	(14,000)	$	—
Technology	72,550		(53,862)		18,688		68,550		(46,861)		21,689
Merchant Relationships	181,586		(116,498)		65,088		181,000		(101,268)		79,732
Other Intangibles1	587		(58)		529		—		—		—
Total	$	268,723	$	(184,418)	$	84,305	$	263,550	$	(162,129)	$	101,421

1 Other intangibles consists of the Four trade name.

Estimated Future Amortization Expense

As of December 31, 2021, estimated future amortization expense for the next five years related to definite-lived intangible assets is as follows:


(In Thousands)
2022	$	22,894
2023	22,747
2024	17,889
2025	16,001
2026	4,774

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial liabilities measured at fair value on a recurring basis:


	December 31, 2021						December 31, 2020
(In Thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Deferred Compensation Liability	$	—	$	2,423	$	—	$	—	$	1,740	$	—

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes the fair value of the Company's debt and the loans receivable held by Vive and Four:


	December 31, 2021						December 31, 2020
(In Thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Senior Notes	$	—	$	616,080	$	—	$	—	$	—	$	—
Loans Receivable, Net	$	—	$	—	$	157,070	$	—	$	—	$	119,895

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

The following is a summary of the Company’s property, plant and equipment:


	December 31,
(In Thousands)	2021		2020
Leasehold Improvements	$	12,115	$	12,117
Fixtures, Equipment and Vehicles	34,066		32,271
Internal-Use Software	22,692		17,400
Internal-Use Software - In Development	2,869		1,595
Property, Plant and Equipment, Gross	71,742		63,383
Less: Accumulated Depreciation and Amortization1	(46,094)		(36,678)
Property, Plant and Equipment, Net	$	25,648	$	26,705

1Accumulated amortization of internal-use software development costs amounted to $12.3 million and $7.5 million as of December 31, 2021 and 2020, respectively.

Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of the Components of Loans Receivable, Net

The following is a summary of the Company’s loans receivable, net:


	December 31,
(In Thousands)	2021		2020
Loans Receivable, Gross	$	172,615	$	131,422
Unamortized Fees	(12,511)		(10,147)
Loans Receivable, Amortized Cost	160,104		121,275
Allowance for Loan Losses	(40,789)		(42,127)
Loans Receivable, Net of Allowances and Unamortized Fees1	$	119,315	$	79,148

1 Loans Receivable, Net of Allowances and Unamortized Fees attributable to Four was $1.5 million and zero as of December 31, 2021 and 2020, respectively.

Loan Portfolio Credit Quality Indicators

Below is a summary of the credit quality of the Company’s loan portfolio as of December 31, 2021 and 2020 by FICO score as determined at the time of loan origination:


	December 31,
FICO Score Category	2021		2020
600 or Less	7.7	%	7.5	%
Between 600 and 700	78.0	%	79.3	%
700 or Greater	12.7	%	13.2	%
No Score Identified	1.6	%	—	%

The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:


(In Thousands)
As of December 31, 2021	2021		2020		2019		2018		2017		Prior		Total
FICO Score Category:
600 or Less	$	9,353	$	2,459	$	700	$	209	$	35	$	29	$	12,785
Between 600 and 700	86,487		25,350		7,506		2,409		1,667		1,524		124,943
700 or Greater	14,886		3,146		737		432		248		388		19,837
No Score Identified	2,539		—		—		—		—		—		2,539
Total Amortized Cost	$	113,265	$	30,955	$	8,943	$	3,050	$	1,950	$	1,941	$	160,104

Aging of the Loans Receivable Balance

Included in the table below is an aging of the loans receivable, gross balance:


(Dollar Amounts in Thousands)	December 31,
Aging Category	2021			2020
30-59 Days Past Due	6.3		%	5.7		%
60-89 Days Past Due	3.1		%	2.6		%
90 or More Days Past Due	4.0		%	3.1		%
Past Due Loans Receivable	13.4		%	11.4		%
Current Loans Receivable	86.6		%	88.6		%
Balance of Credit Card Loans on Nonaccrual Status	$	3,527		$	1,962
Balance of Loans Receivable 90 or More Days Past Due and Still Accruing Interest and Fees	$	—		$	—

Allowance for Loan Losses

The table below presents the components of the allowance for loan losses:


	Year Ended December 31,
(In Thousands)	2021		2020
Beginning Balance	$	42,127	$	14,911
CECL Transition Adjustment1	—		9,463
Provision for Loan Losses	17,668		34,038
Charge-offs	(22,881)		(19,504)
Recoveries	3,875		3,219
Ending Balance	$	40,789	$	42,127

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease, Cost

The Company’s total operating lease cost is comprised of the following:


	Year Ended December 31,
(In Thousands)	2021		2020
Operating Lease cost:
Operating Lease cost classified within Operating Expenses1	$	4,753	$	4,481

Total Operating Lease cost:	$	4,753	$	4,481

Supplemental Cash Flow Information

Additional information regarding the Company’s leasing activities as a lessee is as follows:


	Year Ended December 31,
(In Thousands)	2021		2020
Cash Paid for amounts included in measurement of Lease Liabilities:
Operating Cash Flows for Operating Leases	$	5,710	$	5,252
Total Cash paid for amounts included in measurement of Lease Liabilities	5,710		5,252
Right-of-Use Assets obtained in exchange for new Operating Lease Liabilities	35		—

Assets and Liabilities, Lessee

Supplemental balance sheet information related to leases is as follows:


		December 31,
(In Thousands)	Balance Sheet Classification	2021		2020
Assets
Total Lease Assets	Operating Lease Right-of-Use Assets	$	17,488	$	20,613
Liabilities
Total Lease Liabilities	Operating Lease Liabilities	$	25,410	$	29,516

Schedule of Weighted-Average Discount Rate and Weighted-Average Remaining Lease Term

Below is a summary of the weighted-average discount rate and weighted-average remaining lease term for the Company’s operating leases:


	December 31,
	2021			2020
	Weighted Average Discount Rate		Weighted Average Remaining Lease Term (in years)	Weighted Average Discount Rate		Weighted Average Remaining Lease Term (in years)
Operating Leases	3.4	%	4.8	3.4	%	5.7

Operating Lease, Liability, Maturity

The table also includes a reconciliation of the future undiscounted cash flows to the present value of operating lease liabilities included in the consolidated balance sheets.


(In Thousands)	Total
2022	$	5,801
2023	5,579
2024	5,399
2025	4,351
2026	3,911
Thereafter	2,672
Total Undiscounted Cash Flows	27,713
Less: Interest	(2,303)
Present Value of Lease Liabilities	$	25,410

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Company's Credit Facilities

Below is a summary of the Company's debt, net of applicable unamortized debt issuance costs:


	December 31,
(In Thousands)	2021		2020
Senior Unsecured Notes, 6.000%, due November 2029	$	600,000	$	—
Revolving Facility Outstanding1	—		50,000
Less: Unamortized Debt Issuance Costs	(10,346)		—
Total Debt, Net of Unamortized Debt Issuance Costs	$	589,654	$	50,000

Future Maturities of Long Term Debt and Capital Lease Obligations

Below is a summary of future principal maturities due as of December 31, 2021.


(In Thousands)
2022	$	—
2023	—
2024	—
2025	—
2026	—
Thereafter	600,000
Total	$	600,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

The following is a summary of the Company’s income tax expense from continuing operations:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Current Income Tax Expense (Benefit):
Federal	$	50,240	$	(15,895)	$	4,453
State	18,678		16,219		11,206
	68,918		324		15,659
Deferred Income Tax Expense:
Federal	16,852		37,132		38,353
State	(1,123)		493		(1,784)
	15,729		37,625		36,569
Income Tax Expense	$	84,647	$	37,949	$	52,228

Components of Deferred Income Tax Liabilities and Assets

Significant components of the Company’s deferred income tax liabilities and assets are as follows:


	December 31,
(In Thousands)	2021		2020
Deferred Tax Liabilities:
Lease Merchandise and Property, Plant and Equipment	$	244	$	179
Goodwill and Other Intangibles	1,046		—
Investment in Partnership	170,568		150,988
Operating Lease Right-of-Use Assets	421		447

Total Deferred Tax Liabilities	172,279		151,614
Deferred Tax Assets:
Accrued Liabilities	10,415		10,699

Operating Lease Liabilities	440		472
Other, Net	20,476		17,539
Total Deferred Tax Assets	31,331		28,710
Less: Valuation Allowance	(2,557)		(4,034)
Net Deferred Tax Liabilities	$	143,505	$	126,938

Effective Tax Rate Differs from Statutory United States Federal Income Tax Rate

The Company’s effective tax rate from continuing operations differs from the statutory United States Federal income tax rate as follows:


	Year Ended December 31,
	2021		2020		2019
Statutory Rate	21.0	%	21.0	%	21.0	%
Increases (Decreases) in United States Federal Taxes
Resulting From:
State Income Taxes, Net of Federal Income Tax Benefit	3.8		4.6		26.9
Permanent Difference for Loss on Progressive FTC matter	—		—		133.1
NOL Carryback under CARES Act	—		(13.1)		—
Other Permanent Differences	—		(1.0)		(7.4)
Deferred Tax Adjustments	—		1.1		5.8
Current Uncertain Tax Position Expense	0.7		(0.3)		7.2
Other, Net	0.3		1.7		2.5
Effective Tax Rate	25.8	%	14.0	%	189.1	%

Summary of Activity Related to Uncertain Tax Positions

The following table summarizes the activity related to the Company’s uncertain tax positions:


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Balance at January 1,	$	2,748	$	3,699	$	1,896
Additions Based on Tax Positions Related to the Current Year	44,816		26		103
Additions for Tax Positions of Prior Years	21		220		1,957
Prior Year Reductions	(1)		(108)		(32)
Statute Expirations	(692)		(1,053)		(225)
Settlements	(142)		(36)		—
Balance at December 31,	$	46,750	$	2,748	$	3,699

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Options, Valuation Assumptions

The weighted-average fair value of options granted and the weighted-average assumptions used in the Black-Scholes-Merton option pricing model for such grants were as follows:


	2021			2020			2019
Dividend Yield	—		%	0.4		%	0.3		%
Expected Volatility	44.0		%	39.4		%	36.5		%
Risk-free Interest Rate	0.6		%	0.9		%	2.5		%
Expected Term (in years)	4.4			5.3			5.3
Weighted-average Fair Value of Stock Options Granted	$	17.26		$	13.48		$	19.59

Summary Information about Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2021:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding December 31, 2021	Weighted Average Remaining Contractual Life (in Years)	Weighted Average Exercise Price		Number Exercisable December 31, 2021	Weighted Average Exercise Price
$20.00-30.00	192,633	4.16	$	24.14	192,633	$	24.14
30.01-40.00	133,002	7.61	36.33		41,143	36.09
40.01-50.00	346,931	7.35	46.87		168,147	46.18
50.01-60.00	5,304	9.35	53.55		—	—
20.00-60.00	677,870	6.51	38.40		401,923	34.59

Summary of Stock Option Activity

The table below summarizes option activity for the year ended December 31, 2021:


	Options (In Thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Thousands)		Weighted Average Fair Value
Outstanding at January 1, 2021	723	$	37.45
Granted	150	47.17
Forfeited/Expired	(115)	43.58
Exercised	(80)	38.81
Outstanding at December 31, 2021	678	38.40		6.5	$	5,359	$	13.41
Expected to Vest	268	43.89		8.6	790		15.85
Exercisable at December 31, 2021	402	34.59		5.4	4,562		11.71

Summary of Restricted Stock Activity

The following table summarizes information about restricted stock activity during 2021:


	Restricted Stock (In Thousands)	Weighted Average Fair Value
Non-vested at January 1, 2021	460	$	37.49
Granted	521	44.44
Forfeited	(86)	49.20
Vested	(169)	43.31
Non-vested at December 31, 2021	726	43.13

Summary of Performance Share Units

The following table summarizes information about performance share unit activity during 2021:


	Performance Share Units (In Thousands)	Weighted Average Fair Value
Non-vested at January 1, 2021	296	$	39.85
Granted	585	48.58
Forfeited/Unearned	(47)	42.21
Vested	(154)	43.03
Non-vested at December 31, 2021	680	47.27

Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Information on Segments and Reconciliation to Earnings Before Income Taxes from Continuing Operations

The following table presents revenue by source and by segment for the year ended December 31, 2021:


	Year Ended December 31, 2021
(In Thousands)	Progressive Leasing		Vive		Other		Total
Lease Revenues and Fees1	$	2,619,005	$	—	$	—	$	2,619,005
Interest and Fees on Loans Receivable2	—		58,462		453		58,915
Total	$	2,619,005	$	58,462	$	453	$	2,677,920

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Receivables.

The following table presents revenue by source and by segment for the year ended December 31, 2020:


	Year Ended December 31, 2020
(In Thousands)	Progressive Leasing		Vive		Other		Total
Lease Revenues and Fees1	$	2,443,405	$	—	$	—	$	2,443,405
Interest and Fees on Loans Receivable2	—		41,190		—		41,190
Total	$	2,443,405	$	41,190	$	—	$	2,484,595

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Receivables.

The following table presents revenue by source and by segment for the year ended December 31, 2019:


	Year Ended December 31, 2019
(In Thousands)	Progressive Leasing		Vive		Other		Total
Lease Revenues and Fees1	$	2,128,133	$	—	$	—	$	2,128,133
Interest and Fees on Loans Receivable2	—		35,046		—		35,046
Total	$	2,128,133	$	35,046	$	—	$	2,163,179

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Receivables.


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Earnings From Continuing Operations Before Income Tax Expense:
Progressive Leasing	$	319,125	$	320,636	$	64,283
Vive	20,225		(11,180)		(6,127)
Other	(11,146)		—		—
Unallocated Corporate Expenses	—		(37,880)		(30,543)
Total Earnings From Continuing Operations Before Income Tax Expense	$	328,204	$	271,576	$	27,613


	December 31,
(In Thousands)	2021		2020
Assets:
Progressive Leasing	$	1,445,612	$	1,209,650
Vive	149,628		107,754
Other	26,521		—
Total Assets	$	1,621,761	$	1,317,404


	Year Ended December 31,
(In Thousands)	2021		2020		2019
Depreciation and Amortization1:
Progressive Leasing	$	31,762	$	30,547	$	29,967
Vive	849		1,273		1,385
Other	647		—		—
Total Depreciation and Amortization	$	33,258	$	31,820	$	31,352

Depreciation of Lease Merchandise:
Progressive Leasing	$	1,820,010	$	1,690,922	$	1,445,027
Vive	—		—		—
Other	—		—		—
Total Depreciation of Lease Merchandise	$	1,820,010	$	1,690,922	$	1,445,027

Interest Expense2:
Progressive Leasing	$	4,850	$	187	$	—
Vive	473		—		—
Other	—		—		—
Total Interest Expense	$	5,323	$	187	$	—

Capital Expenditures:
Progressive Leasing	$	8,101	$	6,403	$	12,608
Vive	819		405		424
Other	635		—		—
Total Capital Expenditures	$	9,555	$	6,808	$	13,032

1 Excludes depreciation of lease merchandise, which is not included in the chief operating decision maker's measure of depreciation and amortization.

Business and Summary of Significant Accounting Policies - Narrative (Details) shares in Thousands		12 Months Ended
	Oct. 01, 2021 USD ($)	Dec. 31, 2021 USD ($) segment shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments \| segment		2
Advertising costs		$ 17,500,000	$ 6,600,000	$ 7,000,000
Accounts receivable, after allowance for credit loss		66,270,000	61,254,000
Depreciation expense for property, plant and equipment		11,000,000	9,700,000	9,100,000
Amortization expense		22,300,000	22,100,000	22,300,000
Impairment of indefinite-lived intangibles	$ 0
Computer Software, Intangible Asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization expense		$ 4,900,000	$ 3,400,000	$ 2,900,000
Technology \| DAMI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives of intangibles (in years)		5 years
Technology \| Progressive Leasing
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives of intangibles (in years)		2 years
Merchant Relationships \| Progressive Leasing
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives of intangibles (in years)		12 years
Minimum \| Building and Building Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		3 years
Minimum \| Other depreciable property and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		1 year
Minimum \| Computer Software, Intangible Asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		5 years
Maximum \| Building and Building Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		12 years
Maximum \| Other depreciable property and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		7 years
Maximum \| Computer Software, Intangible Asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		10 years
Maximum \| Software updates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		1 month
Restricted stock units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Anti-dilutive Securities excluded from the computation of earnings per share assuming dilution (in shares) \| shares		423	747	1,726
Progressive Leasing
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable, after allowance for credit loss		$ 66,300,000	$ 61,300,000
Agreement One \| Progressive Leasing
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease agreement period		12 months

Business and Summary of Significant Accounting Policies - Interest and Fees on Loans Receivable (Details)	12 Months Ended
	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit terms, merchant fee, percentage, promotional interest period one (in months)	6 months
Credit terms, merchant fee, percentage, promotional interest period two (in months)	12 months
Credit terms, merchant fee, percentage, promotional interest period three (in months)	18 months
Credit Card Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit terms, privilege period	24 months
Credit terms, minimum payment required, percentage of outstanding loan balance	3.50%
Credit Card Loans \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Merchant fee	3.00%
Financing receivable promotional fees percent	1.00%
Credit terms, interest rate, fixed and variable (percentage)	27.00%
Credit Card Loans \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Merchant fee	25.00%
Financing receivable promotional fees percent	8.00%
Credit terms, interest rate, fixed and variable (percentage)	35.99%

Business and Summary of Significant Accounting Policies - Lease Merchandise (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of the allowance of leases merchandise write-offs:
Beginning Balance	$ 45,992	$ 47,362	$ 35,784
Net Book Value of Merchandise Written off	(128,031)	(142,830)	(156,889)
Recoveries	9,422	10,128	14,951
Provision for Write-offs	126,984	131,332	153,516
Ending Balance	$ 54,367	$ 45,992	$ 47,362
Progressive Leasing
Significant Accounting Policies [Line Items]
Lease merchandise salvage value percentage	0.00%
Lease agreement, lease period used as asset useful life	12 months

Business and Summary of Significant Accounting Policies - Vendor Incentives and Rebates Provided to POS Partners (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
POS Partners
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Marketing expense	$ 18.0	$ 13.0	$ 14.0

Business and Summary of Significant Accounting Policies - Calculation of Dilutive Stock Awards (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Weighted Average Outstanding Basic ( in shares)	66,026	67,261	67,322
Dilutive Effect of Share-Based Awards (in shares)	390	761	0
Weighted Average Shares Outstanding Assuming Dilution (in shares)	66,416	68,022	67,322

Business and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 56,364	$ 65,573	$ 53,159
Net Book Value of Accounts Written Off	(247,789)	(278,576)	(290,562)
Recoveries	37,914	46,010	26,734
Accounts Receivable Provision	224,744	223,357	276,242
Ending Balance	$ 71,233	$ 56,364	$ 65,573

Business and Summary of Significant Accounting Policies - Accounts Receivable Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Bad Debt Expense	$ 2	$ 86	$ 1,337
Provision for Uncollected Renewal Payments	224,742	223,271	274,905
Accounts Receivable Provision	$ 224,744	$ 223,357	$ 276,242

Business and Summary of Significant Accounting Policies - Credit Quality Indicators (Details)	Dec. 31, 2021	Dec. 31, 2020
600 or Less
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of loan portfolio per FICO score	7.70%	7.50%
Between 600 and 700
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of loan portfolio per FICO score	78.00%	79.30%
700 or Greater
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of loan portfolio per FICO score	12.70%	13.20%
No Score Identified
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of loan portfolio per FICO score	1.60%	0.00%

Business and Summary of Significant Accounting Policies - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Prepaid Expenses	$ 28,283	$ 19,590
Prepaid Software Expenses	7,102	3,440
Unamortized Initial Direct Costs on Lease Agreement Originations	5,326	4,986
Prepaid Insurance	40	3,639
Other Assets	7,446	7,899
Prepaid Expenses and Other Assets	$ 48,197	$ 39,554

Business and Summary of Significant Accounting Policies - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2021
Accounting Policies [Abstract]
Accounts Payable		$ 8,630	$ 13,741
Accrued Salaries and Benefits		18,120	25,861
Accrued Sales and Personal Property Taxes		12,933	14,851
Income Taxes Payable		18,183	2,782
Uncertain Tax Position		2,748	48,451
Other Accrued Expenses and Liabilities		17,635	30,268
Accounts Payable and Accrued Expenses		78,249	$ 135,954
Federal Trade Commission Inquiry
Income Tax Contingency [Line Items]
Litigation settlement, amount awarded to other party	$ 175,000
Payments for legal settlements		$ 175,000

Business and Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to stockholders' equity	$ 679,408	$ 986,136		$ 1,737,259	$ 1,760,708
Financing Receivable, Allowance for Credit Loss	40,789	42,127		14,911
Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing Receivable, Allowance for Credit Loss			$ 9,500
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to stockholders' equity				(6,715)	2,592
Financing Receivable, Allowance for Credit Loss		0		9,463
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to stockholders' equity	$ 1,055,526	$ 1,236,378		2,029,613	2,005,344
Retained Earnings \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to stockholders' equity			$ 6,700	$ (6,715)	$ 2,592

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Discontinued Operations - Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
(Loss) Earnings from Discontinued Operations, Net of Income Tax		$ 0	$ (295,092)	$ 56,087
Aaron's Business
Cash Flows:
Goodwill, impairment loss			446,900
Corporate spin off, transaction costs			36,500
Early termination fee			$ 14,700
Discontinued Operations
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	$ 1,591,217			1,784,477
Operating (Loss) Profit	(381,244)			78,261
(Loss) Earnings before Income Taxes from Discontinued Operations	(393,415)			65,175
Income Tax (Benefit) Expense from Discontinued Operations	(98,323)			9,088
(Loss) Earnings from Discontinued Operations, Net of Income Tax	(295,092)			56,087
Cash Flows:
Cash Provided by Operating Activities - Discontinued Operations	193,319			172,314
Cash Used in Investing Activities - Discontinued Operations	$ (64,508)			$ (76,187)
Discontinued Operations \| Aaron's Business
Cash Flows:
Loss on extinguishment of debt		$ 4,100

Acquisitions - Narrative (Details) - Four Technologies, Inc. - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Jun. 25, 2021	Dec. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Cash purchase price paid		$ 22,700
Aggregate purchase price	$ 23,465	22,694
Working capital adjustments		$ 800
Business acquisition-related costs			$ 600

Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 25, 2021	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill		$ 17,400		$ 288,801
Four Technologies, Inc.
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Aggregate purchase price	$ 23,465	22,694
Acquisition Accounting Adjustments, Aggregate Purchase Price		(771)
Cash and Cash Equivalents	530	334
Acquisition Accounting Adjustments, Cash And Cash Equivalents		(196)
Loans Receivable	1,030	609	$ 1,100
Acquisition Accounting Adjustments, Loans Receivable		(421)
Property, Plant and Equipment	210	198
Acquisition Accounting Adjustments, Property, Plant, and Equipment		(12)
Other Intangibles	5,173	5,173
Acquisition Accounting Adjustments, Other Intangibles		0
Prepaid Expenses and Other Assets	48	39
Acquisition Accounting Adjustments, Prepaid Expenses and Other Assets		(9)
Total Identifiable Assets Acquired	6,991	6,353
Acquisition Accounting Adjustments, Total Identifiable Assets Acquired		(638)
Accounts Payable and Accrued Expenses	(77)	(232)
Acquisition Accounting Adjustments, Accounts Payable and Accrued Expenses		(155)
Deferred Income Tax Liability	(1,275)	(838)
Acquisition Accounting Adjustments, Deferred Income Tax Liability		437
Total Liabilities Assumed	(1,352)	(1,070)
Acquisition Accounting Adjustments, Total Liabilities Assumed		282
Goodwill	17,826	17,411
Acquisition Accounting Adjustments, Goodwill		(415)
Net Assets Acquired	$ 23,465	22,694
Acquisition Accounting Adjustments, Net Assets Acquired		$ (771)

Acquisitions - Intangible Assets Acquired (Details) - Four Technologies, Inc. $ in Thousands	Jun. 25, 2021 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 5,173
Estimated useful lives of definite-lived intangibles (in years)	4 years 8 months 12 days
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 4,000
Estimated useful lives of definite-lived intangibles (in years)	5 years
Trade Name
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 587
Estimated useful lives of definite-lived intangibles (in years)	5 years
Merchant Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 586
Estimated useful lives of definite-lived intangibles (in years)	2 years

Goodwill and Intangible Assets - Indefinite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 17,400	$ 288,801
Trade Names and Trademarks
Indefinite-lived Intangible Assets [Line Items]
Trade Name	53,000	53,000
Goodwill	306,212	288,801
Indefinite-lived Intangible Assets	$ 359,212	$ 341,801

Goodwill and Intangible Assets - Summary of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 268,723	$ 263,550
Accumulated Amortization	(184,418)	(162,129)
Net	84,305	101,421
Acquired Internal-Use Software
Finite-Lived Intangible Assets [Line Items]
Gross	14,000	14,000
Accumulated Amortization	(14,000)	(14,000)
Net	0	0
Technology
Finite-Lived Intangible Assets [Line Items]
Gross	72,550	68,550
Accumulated Amortization	(53,862)	(46,861)
Net	18,688	21,689
Merchant Relationships
Finite-Lived Intangible Assets [Line Items]
Gross	181,586	181,000
Accumulated Amortization	(116,498)	(101,268)
Net	65,088	79,732
Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Gross	587	0
Accumulated Amortization	(58)	0
Net	$ 529	$ 0

Goodwill and Intangible Assets - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 22.3	$ 22.1	$ 22.3

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 22,894
2023	22,747
2024	17,889
2025	16,001
2026	$ 4,774

Fair Value Measurement - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Level 1
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]
Deferred Compensation Liability	$ 0	$ 0
Level 2
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]
Deferred Compensation Liability	2,423	1,740
Level 3
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items]
Deferred Compensation Liability	$ 0	$ 0

Fair Value Measurement - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revolving Credit Facility \| Line of Credit
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term line of credit	$ 0.0	$ 50.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Fair Value Measurement - Fair Value for Loan Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 0	$ 0
Loans Receivable, Net	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	616,080	0
Loans Receivable, Net	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	0	0
Loans Receivable, Net	$ 157,070	$ 119,895

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 71,742	$ 63,383
Less: Accumulated Depreciation and Amortization	(46,094)	(36,678)
Property, Plant and Equipment, Net	25,648	26,705
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	12,115	12,117
Fixtures, Equipment and Vehicles
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	34,066	32,271
Internal-Use Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	22,692	17,400
Internal-Use Software - In Development
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,869	$ 1,595

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Footnote) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Internal-use software development cost, accumulated amortization	$ 12.3	$ 7.5

Loans Receivable - Components of Loans Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans Receivable, Gross	$ 172,615	$ 131,422
Unamortized Fees	(12,511)	(10,147)
Loans Receivable, Amortized Cost	160,104	121,275
Allowance for Loan Losses	(40,789)	(42,127)	$ (14,911)
Loans Receivable, Net of Allowances and Unamortized Fees	119,315	79,148
Four Technologies, Inc.
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans Receivable, Net of Allowances and Unamortized Fees	$ 1,500	$ 0

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amount, before allowance for credit loss, of financing receivable.

+ References + Details

Loans Receivable - Credit Quality (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 113,265
2020	30,955
2019	8,943
2018	3,050
2017	1,950
Prior	1,941
Loans Receivable, Amortized Cost	160,104	$ 121,275
600 or Less
Financing Receivable, Credit Quality Indicator [Line Items]
2021	9,353
2020	2,459
2019	700
2018	209
2017	35
Prior	29
Loans Receivable, Amortized Cost	12,785
Between 600 and 700
Financing Receivable, Credit Quality Indicator [Line Items]
2021	86,487
2020	25,350
2019	7,506
2018	2,409
2017	1,667
Prior	1,524
Loans Receivable, Amortized Cost	124,943
700 or Greater
Financing Receivable, Credit Quality Indicator [Line Items]
2021	14,886
2020	3,146
2019	737
2018	432
2017	248
Prior	388
Loans Receivable, Amortized Cost	19,837
No Score Identified
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,539
2020	0
2019	0
2018	0
2017	0
Prior	0
Loans Receivable, Amortized Cost	$ 2,539

Loans Receivable - Aging of the Loans Receivable Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Past Due Loans Receivable	13.40%	11.40%
Current Loans Receivable	86.60%	88.60%
Balance of Credit Card Loans on Nonaccrual Status	$ 3,527	$ 1,962
Balance of Loans Receivable 90 or More Days Past Due and Still Accruing Interest and Fees	$ 0	$ 0
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due Loans Receivable	6.30%	5.70%
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due Loans Receivable	3.10%	2.60%
90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due Loans Receivable	4.00%	3.10%

Loans Receivable - Components of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of the Allowance For Loan Losses:
Beginning Balance	$ 42,127	$ 14,911
Provision for Loan Losses	17,668	34,038
Charge-offs	(22,881)	(19,504)
Recoveries	3,875	3,219
Ending Balance	40,789	42,127
Adjustment to stockholders' equity	679,408	986,136		$ 1,737,259	$ 1,760,708
Retained Earnings
Components of the Allowance For Loan Losses:
Adjustment to stockholders' equity	1,055,526	1,236,378		2,029,613	2,005,344
Cumulative Effect, Period of Adoption, Adjustment
Components of the Allowance For Loan Losses:
Beginning Balance	$ 0	9,463
Ending Balance		$ 0
Adjustment to stockholders' equity				(6,715)	2,592
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Components of the Allowance For Loan Losses:
Adjustment to stockholders' equity			$ 6,700	$ (6,715)	$ 2,592

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

+ References

+ Details

Leases - Total Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Total Operating Lease cost:	$ 4,753	$ 4,481
Operating Lease Cost Classified within Operating Expenses
Lessee, Lease, Description [Line Items]
Operating Lease Cost	$ 4,753	$ 4,481

Leases - Leasing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Cash Flows for Operating Leases	$ 5,710	$ 5,252
Total Cash paid for amounts included in measurement of Lease Liabilities	5,710	5,252
Right-of-Use Assets obtained in exchange for new Operating Lease Liabilities	$ 35	$ 0

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Total Lease Assets	$ 17,488	$ 20,613
Present Value of Lease Liabilities	$ 25,410	$ 29,516

Leases - Narrative (Details)	Dec. 31, 2021
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	3 years
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	5 years

Leases - Summary of the Weighted-Average Discount Rate and Weighted-Average Remaining Lease Term (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Discount Rate
Operating Leases	3.40%	3.40%
Weighted Average Remaining Lease Term (in years)
Operating Leases	4 years 9 months 18 days	5 years 8 months 12 days

Leases - Operating and Finance Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 5,801
2023	5,579
2024	5,399
2025	4,351
2026	3,911
Thereafter	2,672
Total Undiscounted Cash Flows	27,713
Less: Interest	(2,303)
Present Value of Lease Liabilities	$ 25,410	$ 29,516

Indebtedness - Summary of Company's Credit Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Nov. 26, 2021	Dec. 31, 2020
Extinguishment of Debt [Line Items]
Long-term debt, gross	$ 600,000
Less: Unamortized Debt Issuance Costs	(10,346)		$ 0
Total	589,654		50,000
Revolving Credit Facility
Extinguishment of Debt [Line Items]
Unamortized debt issuance costs	1,700		2,200
Unsecured Debt
Extinguishment of Debt [Line Items]
Long-term debt, gross	600,000		0
Line of Credit
Extinguishment of Debt [Line Items]
Long-term debt, gross	$ 0		$ 50,000
Secured Debt \| Notes
Extinguishment of Debt [Line Items]
Debt interest rate (percentage)		6.00%

Indebtedness - Narrative (Details) - USD ($)		12 Months Ended
Indebtedness - Narrative (Details) - USD ($)	Nov. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	Nov. 24, 2020
Extinguishment of Debt [Line Items]
Tender Offer Shares Repurchased and Retired		$ 428,746,000
Debt covenant, adjusted EBITDA plus lease expense to fixed charges (no greater than)		2.50
Debt instrument, covenant, net debt to EBITDA ratio, exceeds		1.25
Line of Credit \| Base Rate
Extinguishment of Debt [Line Items]
Interest rate, basis spread, percentage of Base Rate lower than LIBOR		1.00%
Line of Credit \| Minimum \| LIBOR
Extinguishment of Debt [Line Items]
Interest rate basis spread (percentage)		1.50%
Line of Credit \| Maximum \| LIBOR
Extinguishment of Debt [Line Items]
Interest rate basis spread (percentage)		2.50%
Secured Debt \| Debt Instrument, Redemption, Period Three
Extinguishment of Debt [Line Items]
Debt instrument, redemption price, percentage (percentage)	101.00%
Revolving Credit Facility \| Line of Credit
Extinguishment of Debt [Line Items]
Maximum borrowing capacity				$ 350,000,000
Debt instrument, fee amount		$ 2,200,000
Long-term line of credit		0	$ 50,000,000
Letters of Credit \| Subsidiaries
Extinguishment of Debt [Line Items]
Maximum borrowing capacity		20,000,000
Common Stock
Extinguishment of Debt [Line Items]
Tender Offer Shares Repurchased and Retired	$ 425,000,000	4,337,000
Notes \| Secured Debt
Extinguishment of Debt [Line Items]
Debt interest rate (percentage)	6.00%
Notes \| Secured Debt \| Debt Instrument, Redemption, Period One
Extinguishment of Debt [Line Items]
Debt instrument, redemption price, percentage (percentage)	100.00%
Debt instrument, issuance, percentage of par value (percentage)	100.00%
Notes \| Secured Debt \| Debt Instrument, Redemption, Period Two
Extinguishment of Debt [Line Items]
Debt instrument, redemption price, percentage (percentage)	106.00%
Debt instrument, redemption price, percentage of principal amount redeemed (percentage)	40.00%
Swingline Loans on Customary Terms \| Subsidiaries
Extinguishment of Debt [Line Items]
Maximum borrowing capacity		25,000,000
Incremental Facilities
Extinguishment of Debt [Line Items]
Maximum borrowing capacity		$ 300,000,000
Credit Facility, 2014
Extinguishment of Debt [Line Items]
Debt covenant, total debt to adjusted EBITDA (no greater than)		3.00
Credit Facility, 2014 \| Revolving Credit Facility \| Line of Credit \| Minimum
Extinguishment of Debt [Line Items]
Commitment fee for unused balance amount (percentage)		0.20%
Credit Facility, 2014 \| Revolving Credit Facility \| Line of Credit \| Maximum
Extinguishment of Debt [Line Items]
Commitment fee for unused balance amount (percentage)		0.35%

Indebtedness - Future Maturities of Long Term Debt and Capital Lease Obligations (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Maturities of Long-term Debt [Abstract]
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	600,000
Total	$ 600,000

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current Income Tax Expense (Benefit):
Federal	$ 50,240	$ (15,895)	$ 4,453
State	18,678	16,219	11,206
Current income tax (benefit) expense	68,918	324	15,659
Deferred Income Tax Expense:
Federal	16,852	37,132	38,353
State	(1,123)	493	(1,784)
Deferred income tax (benefit) expense	15,729	37,625	36,569
Income Tax Expense	$ 84,647	$ 37,949	$ 52,228

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Components of Deferred Income Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Liabilities:
Lease Merchandise and Property, Plant and Equipment	$ 244	$ 179
Goodwill and Other Intangibles	1,046	0
Investment in Partnership	170,568	150,988
Operating Lease Right-of-Use Assets	421	447
Total Deferred Tax Liabilities	172,279	151,614
Deferred Tax Assets:
Accrued Liabilities	10,415	10,699
Operating Lease Liabilities	440	472
Other, Net	20,476	17,539
Total Deferred Tax Assets	31,331	28,710
Less: Valuation Allowance	(2,557)	(4,034)
Net Deferred Tax Liabilities	$ 143,505	$ 126,938

Income Taxes - Effective Tax Rate Differs from Statutory United States Federal Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory Rate	21.00%	21.00%	21.00%
Increases (Decreases) in United States Federal Taxes
State Income Taxes, Net of Federal Income Tax Benefit	3.80%	4.60%	26.90%
Permanent Difference for Loss on Progressive FTC matter	0.00%	0.00%	133.10%
NOL Carryback under CARES Act	0.00%	(13.10%)	0.00%
Other Permanent Differences	0.00%	(1.00%)	(7.40%)
Deferred Tax Adjustments	0.00%	1.10%	5.80%
Current Uncertain Tax Position Expense	0.70%	(0.30%)	7.20%
Other, Net	0.30%	1.70%	2.50%
Effective Tax Rate	25.80%	14.00%	189.10%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards							$ 242,200
Income tax receivable				$ 14,352	$ 0		84,400
Proceeds from refund of overpaid federal tax	$ 84,400
Income tax benefit, CARES Act					34,200
Unrecognized tax benefits				48,500	3,000
Income tax examination, estimate of possible loss		$ 175,000
Additions Based on Tax Positions Related to the Current Year			$ 44,700	44,816	26	$ 103
Unrecognized tax benefits, interest on income taxes expense			$ 1,600
Uncertain tax benefits that, if recognized, would affect effective tax rate				46,100	2,600
Recognized interest and penalties expense (benefit) related to unrecognized tax benefits				1,500	(100)	200
Accrued interest and penalties				1,700	200
State Tax
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards				6,700
Tax credit carryforward				900
Vive
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 5,200				$ 5,200	$ 5,400
Income tax receivable				1,300
Proceeds from refund of overpaid federal tax				$ 500	$ 1,800

Income Taxes - Summary of Activity Related to Uncertain Tax Positions (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of activity related to uncertain tax positions:
Beginning Balance	$ 2,748	$ 2,748	$ 3,699	$ 1,896
Additions Based on Tax Positions Related to the Current Year	$ 44,700	44,816	26	103
Additions for Tax Positions of Prior Years		21	220	1,957
Prior Year Reductions		(1)	(108)	(32)
Statute Expirations		(692)	(1,053)	(225)
Settlements		(142)	(36)	0
Ending Balance		$ 46,750	$ 2,748	$ 3,699

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2021
Commitments And Contingencies Disclosure [Line Items]
Insurance recoveries		$ 0.8
Non-cancelable commitments			$ 36.1
Non-cancelable commitments due in 2022			23.6
Non-cancelable commitments due in 2023			9.4
Non-cancelable commitments due in 2024			3.1
Minimum
Commitments And Contingencies Disclosure [Line Items]
Loss contingency in excess of accrual, range of possible loss			0.0
Maximum
Commitments And Contingencies Disclosure [Line Items]
Loss contingency in excess of accrual, range of possible loss			0.1
Unused Credit Card Lines
Commitments And Contingencies Disclosure [Line Items]
Remaining credit available		$ 287.3	467.6
Federal Trade Commission Inquiry
Commitments And Contingencies Disclosure [Line Items]
Accrued regulatory expense			$ 179.3
Litigation settlement, amount awarded to other party	$ 175.0
Accrued professional fees	$ 4.3

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			2 Months Ended	12 Months Ended
	Nov. 26, 2021	Nov. 04, 2021	Feb. 22, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 03, 2021	Nov. 03, 2021	Feb. 21, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Treasury stock, shares shares (in shares)				25,638,057					23,029,434
Tender Offer Shares Repurchased and Retired				$ 428,746
Stock repurchased				$ 142,358	$ 69,255
Preferred stock, authorized (in shares)				1,000,000
Preferred stock, issued (in shares)				0
Restricted Stock
Class of Stock [Line Items]
Unvested restricted stock units				390,000
Share Repurchase Program
Class of Stock [Line Items]
Treasury stock, shares shares (in shares)				25,638,057
Remaining authorized stock repurchase program, amount				$ 560,900
Authorized stock repurchase program, amount							$ 1,000,000	$ 300,000
Tender Offer Shares Repurchased and Retired		$ 425,000		$ 567,400
Sale of stock, price per share (in dollars per share)						$ 49.00
Common stock repurchased (in shares)		8,673,469
Common stock repurchased (in shares)				11,611,178
Expenses relating to tender offer		$ 3,700
Share Repurchase Program \| Subsequent Event
Class of Stock [Line Items]
Common stock repurchased (in shares)			1,278,097
Stock repurchased			$ 52,000
Share Repurchase Program \| Minimum
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share)		$ 44.00
Share Repurchase Program \| Maximum
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share)		$ 50.00
Treasury Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)				2,938,000	1,156,000
Stock repurchased				$ 142,358	$ 69,255
Treasury Stock \| Share Repurchase Program
Class of Stock [Line Items]
Tender Offer Shares Repurchased and Retired					$ 69,300
Common stock repurchased (in shares)				2,937,709	1,156,184
Stock repurchased				$ 142,400
Common Stock
Class of Stock [Line Items]
Tender Offer Shares Repurchased and Retired	$ 425,000			$ 4,337
Common stock repurchased (in shares)				8,673,000
Common Stock \| Share Repurchase Program
Class of Stock [Line Items]
Tender Offer Shares Repurchased and Retired		$ 425,000

Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Nov. 27, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Aggregate number of shares of common stock issued or transferred under the incentive stock awards plan (in shares) \| shares	2,558,933	2,558,933
Conversion rate (one for every two)					0.5
Stock based compensation expense		$ 21.3	$ 41.2	$ 26.5
Tax benefit from exercise of stock options		5.5	10.1	6.6
Excess tax benefit from share-based compensation, operating activities		$ 0.2	$ 2.6	$ 4.8
Stock options granted (in shares) \| shares		150,000	400,000	293,000
Aggregate intrinsic value of options exercised		$ 1.0	$ 24.9	$ 6.5
Fair value of options vested		$ 1.0	7.8	4.6
Continuing Operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock based compensation expense			$ 5.4	$ 5.4
2015 Incentive Award Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Unexercised options lapse period (in years)		10 years
2001 Incentive Award Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Unexercised options lapse period (in years)		10 years
Employee Matters Agreement
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Incremental compensation expense		$ 5.2
Retirement-Related Modifications
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Converted wards, incremental cost		4.5
Converted awards, incremental cost related to accelerated vesting of equity awards		$ 8.7
Converted awards, incremental cost recognized	$ 13.2
Employee Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Aggregate number of shares of common stock issued or transferred under the incentive stock awards plan (in shares) \| shares	37,270	37,270
Unrecognized compensation expense related to non-vested award	$ 30.6	$ 30.6
Unrecognized compensation expense related to non-vested award, recognition period (in years)		1 year 8 months 15 days
Weighted average grant date fair value (in dollars per share) \| $ / shares		$ 39.62	$ 38.55	$ 42.07
Employee Stock \| Minimum \| 2015 Incentive Award Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Vesting period (in years)		1 year
Employee Stock \| Minimum \| 2001 Incentive Award Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Vesting period (in years)		1 year
Employee Stock \| Maximum \| 2015 Incentive Award Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Vesting period (in years)		3 years
Employee Stock \| Maximum \| 2001 Incentive Award Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Vesting period (in years)		5 years
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Dividend Yield		0.00%	0.40%	0.30%
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock granted (in shares) \| shares		521,000	375,000	225,000
Weighted average grant date fair value (in dollars per share) \| $ / shares		$ 44.44	$ 41.45	$ 54.28
Total fair value of shares vesting		$ 7.8	$ 10.5	$ 14.6
Restricted Stock \| Minimum \| 2015 Incentive Award Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Vesting period (in years)		1 year
Restricted Stock \| Maximum \| 2015 Incentive Award Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Vesting period (in years)		3 years
Performance Share Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total fair value of shares vesting		$ 7.1	$ 18.4	$ 22.1
Performance Share Units \| Minimum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Performance percentage		0.00%
Performance criteria is met \| Performance Share Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting rights (percentage)		33.33%
One-year service period \| Performance Share Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting rights (percentage)		33.33%
One-year service period \| Performance Share Units \| Minimum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Vesting period (in years)		1 year
One-year service period \| Performance Share Units \| Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Vesting period (in years)		3 years
Two-year service period \| Performance Share Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting rights (percentage)		33.33%
Terms and conditions scenario 1 \| Performance Share Units \| Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Performance percentage		100.00%
Terms and conditions scenario 2 \| Performance Share Units \| Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Performance percentage		200.00%
Terms and conditions scenario 3 \| Performance Share Units \| Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Performance percentage		260.00%
Terms and conditions scenario 4 \| Performance Share Units \| Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Performance percentage		400.00%

Stock-based Compensation - Weighted Average Valuation Assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend Yield	0.00%	0.40%	0.30%
Expected Volatility	44.00%	39.40%	36.50%
Risk-free Interest Rate	0.60%	0.90%	2.50%
Expected Term (in years)	4 years 4 months 24 days	5 years 3 months 18 days	5 years 3 months 18 days
Weighted-average Fair Value of Stock Options Granted (in dollars per share)	$ 17.26	$ 13.48	$ 19.59

Stock-based Compensation - Summary Information about Stock Options Outstanding (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, weighted average exercise price (in dollars per share)	$ 38.40	$ 37.45
$20.00-30.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price, lower range limit (in dollars per share)	20.00
Exercise price, upper range limit (in dollars per share)	$ 30.00
Options Outstanding	192,633
Options outstanding, weighted average remaining contractual life (in years)	4 years 1 month 28 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 24.14
Options Exercisable	192,633
Options exercisable, weighted average exercise price (in dollars per share)	$ 24.14
30.01-40.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price, lower range limit (in dollars per share)	30.01
Exercise price, upper range limit (in dollars per share)	$ 40.00
Options Outstanding	133,002
Options outstanding, weighted average remaining contractual life (in years)	7 years 7 months 9 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 36.33
Options Exercisable	41,143
Options exercisable, weighted average exercise price (in dollars per share)	$ 36.09
40.01-50.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price, lower range limit (in dollars per share)	40.01
Exercise price, upper range limit (in dollars per share)	$ 50.00
Options Outstanding	346,931
Options outstanding, weighted average remaining contractual life (in years)	7 years 4 months 6 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 46.87
Options Exercisable	168,147
Options exercisable, weighted average exercise price (in dollars per share)	$ 46.18
50.01-60.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price, lower range limit (in dollars per share)	50.01
Exercise price, upper range limit (in dollars per share)	$ 60.00
Options Outstanding	5,304
Options outstanding, weighted average remaining contractual life (in years)	9 years 4 months 6 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 53.55
Options Exercisable	0
Options exercisable, weighted average exercise price (in dollars per share)	$ 0
20.00-60.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price, lower range limit (in dollars per share)	20.00
Exercise price, upper range limit (in dollars per share)	$ 60.00
Options Outstanding	677,870
Options outstanding, weighted average remaining contractual life (in years)	6 years 6 months 3 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 38.40
Options Exercisable	401,923
Options exercisable, weighted average exercise price (in dollars per share)	$ 34.59

Stock-based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Options
Beginning Balance (In Shares) \| shares	723
Granted - pre-spin (In Shares) \| shares	150
Forfeited/Expired (In Shares) \| shares	(115)
Exercised (In Shares) \| shares	(80)
Ending Balance (In Shares) \| shares	678
Expected to Vest (In Shares) \| shares	268
Exercisable (In Shares) \| shares	402
Weighted Average Exercise Price
Beginning Balance (in dollars per share)	$ 37.45
Granted - pre-spin (in dollars per share)	47.17
Forfeited/Expired (in dollars per share)	43.58
Exercised (in dollars per share)	38.81
Ending Balance (in dollars per share)	38.40
Expected to Vest (in dollars per share)	43.89
Exercisable (in dollars per share)	$ 34.59
Weighted Average Remaining Contractual Term (in Years)
Outstanding	6 years 6 months
Expected to Vest	8 years 7 months 6 days
Exercisable	5 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding \| $	$ 5,359
Expected \| $	790
Exercisable \| $	$ 4,562
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 13.41
Expected to Vest (in dollars per share)	15.85
Exercisable (in dollars per share)	$ 11.71

Stock-based Compensation - Summary of Restricted Stock and Performance Share Units Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vesting	$ 7.8	$ 10.5	$ 14.6
Restricted Stock
Beginning Balance (In Shares)	460
Granted (In Shares)	521
Forfeited/Unearned (in Shares)	(86)
Vested (In Shares)	(169)
Ending Balance (In Shares)	726	460
Weighted Average Fair Value
Beginning Balance (in dollars per share)	$ 37.49
Granted (in dollars per share)	44.44
Forfeited/Unearned (in dollars per share)	49.20
Vested (in dollars per share)	43.31
Ending Balance (in dollars per share)	$ 43.13	$ 37.49
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vesting	$ 7.1	$ 18.4	$ 22.1
Restricted Stock
Beginning Balance (In Shares)	296
Granted (In Shares)	585
Forfeited/Unearned (in Shares)	(47)
Vested (In Shares)	(154)
Ending Balance (In Shares)	680	296
Weighted Average Fair Value
Beginning Balance (in dollars per share)	$ 39.85
Granted (in dollars per share)	48.58
Forfeited/Unearned (in dollars per share)	42.21
Vested (in dollars per share)	43.03
Ending Balance (in dollars per share)	$ 47.27	$ 39.85

Stock-based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 09, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, maximum purchases per subscription period, shares (in shares)	500
Aggregate number of shares of common stock issued or transferred under the incentive stock awards plan (in shares)		2,558,933
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP purchase price of common stock, percent of market price, on first and last day of trading date	85.00%
Fixed contribution rate	10.00%
Maximum contribution amount	$ 25
Compensation cost for ESPP		$ 400	$ 600	$ 500
Number of shares issued under the ESPP		38,044	52,107	46,642
Weighted average grant date fair value (in dollars per share)		$ 39.62	$ 38.55	$ 42.07
Aggregate number of shares of common stock issued or transferred under the incentive stock awards plan (in shares)		37,270
Employee Stock \| Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost for ESPP			$ 300	$ 200

Segments - Narrative (Details)	12 Months Ended
Segments - Narrative (Details)	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segments - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 2,677,920	$ 2,484,595	$ 2,163,179
Progressive Leasing
Segment Reporting Information [Line Items]
Revenues	2,619,005	2,443,405	2,128,133
Vive
Segment Reporting Information [Line Items]
Revenues	58,462	41,190	35,046
Other
Segment Reporting Information [Line Items]
Revenues	453	0	0
Lease Revenues and Fees
Segment Reporting Information [Line Items]
Revenues	2,619,005	2,443,405	2,128,133
Lease Revenues and Fees \| Progressive Leasing
Segment Reporting Information [Line Items]
Revenues	2,619,005	2,443,405	2,128,133
Lease Revenues and Fees \| Other
Segment Reporting Information [Line Items]
Revenues	0	0	0
Interest and Fees on Loans Receivable
Segment Reporting Information [Line Items]
Revenues	58,915	41,190	35,046
Interest and Fees on Loans Receivable \| Vive
Segment Reporting Information [Line Items]
Revenues	58,462	41,190	35,046
Interest and Fees on Loans Receivable \| Other
Segment Reporting Information [Line Items]
Revenues	$ 453	$ 0	$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Segments - Information on Segments and Reconciliation to Earnings Before Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Earnings From Continuing Operations Before Income Tax Expense:		$ 328,204	$ 271,576	$ 27,613
Assets:		1,621,761	1,317,404
Depreciation of Lease Merchandise		1,820,010	2,163,443	1,972,358
Interest expense		5,323	187	0
Capital Expenditures:		9,555	64,345	92,963
Legal and Regulatory (Income) Expense, Net of Insurance Recoveries		0	(835)	179,261
Discontinued Operations
Segment Reporting Information [Line Items]
Interest expense			9,900	17,000
Federal Trade Commission Inquiry
Segment Reporting Information [Line Items]
Legal and Regulatory (Income) Expense, Net of Insurance Recoveries				179,300
Litigation settlement, amount awarded to other party	$ 175,000
Progressive Leasing
Segment Reporting Information [Line Items]
Earnings From Continuing Operations Before Income Tax Expense:		319,125	320,636	64,283
Progressive Leasing \| Retirement-Related Modifications
Segment Reporting Information [Line Items]
Compensation cost for ESPP			2,400
Vive
Segment Reporting Information [Line Items]
Earnings From Continuing Operations Before Income Tax Expense:		20,225	(11,180)	(6,127)
Other
Segment Reporting Information [Line Items]
Earnings From Continuing Operations Before Income Tax Expense:		(11,146)	0	0
Aaron's Business \| Discontinued Operations
Segment Reporting Information [Line Items]
Loss on extinguishment of debt		4,100
Operating Segments
Segment Reporting Information [Line Items]
Assets:		1,621,761	1,317,404
Depreciation and Amortization		33,258	31,820	31,352
Depreciation of Lease Merchandise		1,820,010	1,690,922	1,445,027
Interest expense		5,323	187	0
Capital Expenditures:		9,555	6,808	13,032
Operating Segments \| Progressive Leasing
Segment Reporting Information [Line Items]
Assets:		1,445,612	1,209,650
Depreciation and Amortization		31,762	30,547	29,967
Depreciation of Lease Merchandise		1,820,010	1,690,922	1,445,027
Interest expense		4,850	187	0
Capital Expenditures:		8,101	6,403	12,608
Operating Segments \| Vive
Segment Reporting Information [Line Items]
Assets:		149,628	107,754
Depreciation and Amortization		849	1,273	1,385
Depreciation of Lease Merchandise		0	0	0
Interest expense		473	0	0
Capital Expenditures:		819	405	424
Operating Segments \| Other
Segment Reporting Information [Line Items]
Assets:		26,521	0
Depreciation and Amortization		647	0	0
Depreciation of Lease Merchandise		0	0	0
Interest expense		0	0	0
Capital Expenditures:		635	0	0
Unallocated Corporate Expenses
Segment Reporting Information [Line Items]
Earnings From Continuing Operations Before Income Tax Expense:		$ 0	(37,880)	$ (30,543)
Unallocated Corporate Expenses \| Retirement-Related Modifications
Segment Reporting Information [Line Items]
Compensation cost for ESPP			$ 15,600

Compensation Arrangements - Deferred Compensation (Details) - Deferred Compensation Plan - USD ($)		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation plan liability		$ 2,400,000	$ 1,700,000
Cash surrender value of the policies		2,300,000	2,000,000
Deferred compensation expense related to company's matching contributions		$ 0	0	$ 0
Employee
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Percentage of receipt of base compensation (up to)		75.00%
Employee \| Nonqualified Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Maximum contribution per employee (percentage)	4.00%
Vesting period	3 years
Employee \| Nonqualified Plan \| Unfunded Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Maximum annual contributions per employee		$ 11,600,000	$ 11,400,000	$ 11,200,000
Employee \| First contribution \| Nonqualified Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer matching contribution, maximum (percentage)	100.00%
Maximum contribution per employee (percentage)	3.00%
Employee \| Second contribution \| Nonqualified Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer matching contribution, maximum (percentage)	50.00%
Maximum contribution per employee (percentage)	2.00%
Non Employee Director
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Percentage of receipt of base compensation (up to)		100.00%

Compensation Arrangements - 401(k) Defined Contribution Plan (Details) - 401(k) Defined Contribution Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent (percentage)	75.00%
Employer matching contribution, maximum (percentage)	100.00%
Initial employer 401(k) matching contribution to employee (percentage)	4.00%
Employer 401 (k) matching contribution to employee, 50% Maximum	50.00%
Compensation expense related to 401(k) savings plan	$ 2.5	$ 2.5	$ 2.2
Maximum
Defined Benefit Plan Disclosure [Line Items]
Initial employer 401(k) matching contribution to employee (percentage)	3.00%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Initial employer 401(k) matching contribution to employee (percentage)	2.00%